A sum of $\$ 2000$ was invested for four years and the interest was compounded quarterly. If this sum amounted to $\$ 2588.44$ after the given time, what was the interest rate?
A) $6.25 \%$
B) $6.5 \%$
C) $7 \%$
D) $7.5 \%$
E) $8.5 \%$

Question

Quizplus · Accepted Answer

The Answer of A sum of $\$ 2000$ was invested for four years and the interest was compounded quarterly. If this sum amounted to $\$ 2588.44$ after the given time, what was the interest rate?
A) $6.25 \%$
B) $6.5 \%$
C) $7 \%$
D) $7.5 \%$
E) $8.5 \%$

A Sum Of $2000\$ 2000$2000 Was Invested for Four Years and the Interest Was Compounded

A Sum Of $\$ 2000$ Was Invested for Four Years and the Interest Was Compounded