You made an investment of $8,000 into an account that paid you an annual interest rate of 3.1 percent for the first 5 years and 7.5 percent for the next 10 years. What was your annual rate of return over the entire 15 years?   Multiple Choice   4.81 %   6.68 %   5.30 %   6.01 %   5.41 %

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
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Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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You made an investment of $8,000 into an account that paid you an annual interest rate of 3.1 percent for the first 5 years and 7.5 percent for the next 10 years. What was your annual rate of return over the entire 15 years?

 

Multiple Choice
  •  

    4.81 %

  •  

    6.68 %

  •  
    5.30 %
  •  

    6.01 %

  •  

    5.41 %

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