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(Advanced Analysis) Ricardo Deposits $1,000 into His Savings Account

Question 120

Multiple Choice

(Advanced analysis) Ricardo deposits $1,000 into his savings account. What rate of interest would he have to earn on his savings for his deposit to be worth $2,000 in eight years?


A) 8.75 percent
B) 9.1 percent
C) 10 percent
D) 10.4 percent

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