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Fast Growth Investment Company offers an investment that promises to triple your money in 27 months. This investment promises to credit interest to your account
Fast Growth Investment Company offers an investment that promises to triple your money in 27 months. This investment promises to credit interest to your account every quarter, that is, the interest is compounded quarterly. What annual percentage rate (APR) must the investment earn to meet the promised return? (Hint: Find quarterly rate first.)
| A. | 80.37% | |
| B. | 67.97% | |
| C. | 51.93% | |
| D. | 35.27% | |
| E. | 103.97% | |
| F. | 87.61% | |
| G. | 75.68% | |
| H. | 45.01% |
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