Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Maria deposited $8,000 in a bank account, and 7 years later she closes out the account, which is worth $17,500. What annual rate of interest

Maria deposited $8,000 in a bank account, and 7 years later she closes out the account, which is worth $17,500. What annual rate of interest has she earned over the 7 years?

11.83%

10.45%

12.14%

12.38%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance

Authors: Jack R Kapoor, Glencoe McGraw Hill, Les R Dlabay, Robert J Hughes

1st Edition

0078698006, 9780078698002

More Books

Students also viewed these Finance questions

Question

Is the style consistent?

Answered: 1 week ago

Question

Does your strategic intent play to your strengths?

Answered: 1 week ago