Find the Interest Rate Needed for an Investment of $3,000

question 167

Multiple Choice

Find the interest rate needed for an investment of $3,000 to grow to an amount of $7,500 in 3 year(s) if interest is compounded monthly. Round your answer to two decimal places.

• A) 31.13%
• B) 31.74%
• C) 30.94%
• D) 30.56%

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Definitions:

Core Identity

The essential characteristics or attributes that define an individual or entity's unique personality and nature.

Individualists

Persons who prioritize personal goals and self-reliance over group goals and conformity to social norms and collective representations.

Immediate Reward

A reinforcement given instantly after a desired behavior, making it more likely that the behavior will occur again.

Company Loyalty

The dedication an employee feels towards their organization or the ongoing commitment of an individual to a business or company.