Find the interest rate r needed for an investment of $3,000 to grow to $24,000 in 8 years if interest is compounded monthly.
A. r = 896 − 1.
B. r = 12(896 + 1).
C. r = 81/96 + 1.
D. r = 12(81/96 − 1).
E. r = 896 + 1.

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19-07-2024
Mathematics

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Find the interest rate r needed for an investment of $3,000 to grow to $24,000 in 8 years if interest is compounded monthly.
A. r = 896 − 1.
B. r = 12(896 + 1).
C. r = 81/96 + 1.
D. r = 12(81/96 − 1).
E. r = 896 + 1.

Sagot :

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