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10 February, 05:53

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%

+5
Answers (1)
  1. 10 February, 06:15
    0
    7844=7400 (1 + (8/12) r)

    Solve for r

    R=0.09*100=9%
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