Interest Rate: Trayne Rice Has $3,000 to Invest for Three

question 61

Multiple Choice

Interest rate: Trayne Rice has $3,000 to invest for three years. He wants to receive $5,000 at the end of the three years. What invest rate would his investment have to earn to achieve his goal? (Round to the nearest percent.)

• A) 19%
• B) 21%
• C) 13%
• D) 16%

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Definitions:

Break Statement

The break statement is used to terminate the execution of a loop or switch statement prematurely, immediately exiting the loop or switch block.

Boolean Variables

Data types that can hold only two values: true or false.

Do...While Loop

A control flow statement that executes a block of code at least once and then repeats as long as a specified condition remains true.

Sentinel-Controlled While Loop

A loop that continues execution until a special value, known as a sentinel value, is encountered which terminates the loop.