Annuity Interest Rate What annual interest rate would you need to earn if you wanted a $500 per month contribution to grow to $27,050 in four years?
A)2.37 percent
B)5.77 percent
C)6.00 percent
D)13.53 percent

Question

Quizplus · Accepted Answer

The correct answer is C because the annual interest rate needed to earn $27,050 in four years with a $500 per month contribution is 6.00%.

Annuity Interest Rate What Annual Interest Rate Would You Need