Solve the problem.
-Mahvash inherited $20,000 and invested it in a mutual fund for two years. At the end of the two years, her investment had grown to $22,472. Find the annual interest rate that would yield this amount of money, if the
Interest is compounded annually. Use the formula,
A) 6%
B) 0.6%
C) 60%
D) 0.06%

Question

Solve the problem.
-Mahvash inherited $20,000 and invested it in a mutual fund for two years. At the end of the two years, her investment had grown to $22,472. Find the annual interest rate that would yield this amount of money, if the
Interest is compounded annually. Use the formula, 
A) 6% 
B) 0.6% 
C) 60% 
D) 0.06%

Quizplus · Accepted Answer

The Answer of Solve the problem.
-Mahvash inherited $20,000 and invested it in a mutual fund for two years. At the end of the two years, her investment had grown to $22,472. Find the annual interest rate that would yield this amount of money, if the
Interest is compounded annually. Use the formula, 
A) 6% 
B) 0.6% 
C) 60% 
D) 0.06%

Solve the Problem. -Mahvash Inherited $20,000 and Invested It in a Mutual Fund