An investment of $9,500 is expected to grow to $12,385.75 after four years. What is the implied annual interest rate for this investment, assuming no additional deposits or withdrawals? Options: A) 7.00% B) 6.98% C) 7.02% D) 6.50%

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
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Chapter2: The Domestic And International Financial Marketplace
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An investment of $9,500 is expected to grow to $12,385.75 after four years. What is the implied
annual interest rate for this investment, assuming no additional deposits or withdrawals?
Options:
A) 7.00%
B) 6.98%
C) 7.02%
D) 6.50%
Transcribed Image Text:An investment of $9,500 is expected to grow to $12,385.75 after four years. What is the implied annual interest rate for this investment, assuming no additional deposits or withdrawals? Options: A) 7.00% B) 6.98% C) 7.02% D) 6.50%
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