A Sum Of $\$ 2000$ Was Invested for Four Years and the Interest Was Compounded

question 53

Multiple Choice

A sum of $\$ 2000$ was invested for four years and the interest was compounded quarterly. If this sum amounted to $\$ 2588.44$ after the given time, what was the interest rate?

• A) \(6.25 \%\)
• B) \(6.5 \%\)
• C) \(7 \%\)
• D) \(7.5 \%\)
• E) \(8.5 \%\)  

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Definitions:

Wernicke's Area

A region of the brain that is important for language development, located in the temporal lobe on the left side of the brain.

Temporal Lobe

A region of the cerebral cortex involved in processing auditory information and is also important for memory and emotion.

Language Comprehension

The ability to understand spoken, written, or signed language through the processes of decoding, interpreting, and making sense of the messages.

Pituitary Gland

A small, pea-sized gland located at the base of the brain, often referred to as the "master gland" because it controls the functions of many other endocrine glands.