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25 March, 21:10

You have $2000 to invest in an account and need to have $2500 in five years. What annual interest rate would you need to have in order to have this if the amount is compounded monthly?

a) 4%

b) 2%

c) 5%

d) 3%

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Answers (1)
  1. 25 March, 23:58
    0
    c) 5%

    Step-by-step explanation:

    A = $ 2,566.72

    A = P + I where

    P (principal) = $ 2,000.00

    I (interest) = $ 566.72
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