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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%
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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%

User Daniele Vitali
by
8.6k points

1 Answer

3 votes
7844=7400(1+(8/12)r)
Solve for r
R=0.09*100=9%
User Rajesh Narwal
by
7.5k points
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