Question: Please post your work, so I can make sure to understand the problem. Thank you!! -One year ago, Pete invested $1,800. Today it is worth

Please post your work, so I can make sure to understand the problem. Thank you!!

-One year ago, Pete invested $1,800. Today it is worth $1,924.62. What rate of interest did Pete earn?

A.

6.59 percent

B.

6.67 percent

C.

6.88 percent

D.

6.92 percent

E.

7.01 percent

-What is the future value of $6,200 invested for 23 years at 9.25 percent compounded annually?

-A few years back, John invested $36,900. Today, that investment is valued at $214,800. How long has he owned this investment if the investment has been growing at 6 percent per year?

A.

28.33 years

B.

29.98 years

C.

30.23 years

D.

31.29 years

E.

32.08 years

-At 8 percent interest, how long does it take to quadruple an investment?

A.

16.55 years

B.

16.64 years

C.

17.09 years

D.

18.01 years

E.

18.56 years

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