Find the Interest Rate Needed for an Investment of $4,000

question 12

Multiple Choice

Find the interest rate needed for an investment of $4,000 to grow to an amount of $5,000 in 3 yr if interest is compounded continuously. Please round the answer to the nearest hundredth of percent. ​

• A) 7.44 %/yr
• B) 7.32 %/yr
• C) 6.39 %/yr
• D) 8.01 %/yr
• E) 7.78 %/yr