Jake Winters plans to invest $7,400. Find the interest rate required for the fund to grow to $7,844 in 8 months. 9% 5.7 % 8.5% 6%

asked Aug 11, 2018 42.0k views

2 votes

Jake Winters plans to invest $7,400.

Find the interest rate required for the fund to grow to $7,844 in 8 months.

9%

5.7 %

8.5%

6%

6.1k points

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3 votes

7844=7400(1+(8/12)r)
Solve for r
R=0.09*100=9%

Rajesh Narwal answered Aug 16, 2018

5.7k points

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