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:

Low Maintenance

Describing something or someone that requires minimal care, effort, or attention to maintain.

Purely Additive

A condition or situation where the combined effect of separate factors is exactly the sum of their effects when taken individually, without any interaction.

Weighted Additive

A mathematical technique used to combine multiple variables, each assigned a different level of importance (weight), into a single composite score.

Cognitive Revolution

A significant shift in psychology during the 1950s-70s, focusing on the study of the mind and how it processes information, moving away from behaviorism.