Mildred desires to have $7,049 on deposit five years from today. If she has $4,000 to deposit, what rate of interest, compounded annually, must be obtained to accumulate the desired $7,049 in five years?
A) 12%
B) 10%
C) 9%
D) 8%

Question

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The Answer of Mildred desires to have $7,049 on deposit five years from today. If she has $4,000 to deposit, what rate of interest, compounded annually, must be obtained to accumulate the desired $7,049 in five years?
A) 12%
B) 10%
C) 9%
D) 8%

Mildred Desires to Have $7,049 on Deposit Five Years from Today