Twelve years ago, your parents set aside $8,000 to help fund your college education. Today, that fund is valued at $23,902. What rate of interest is being earned on this account?
A) 8.99 percent
B) 9.42 percent
C) 9.67 percent
D) 9.55 percent
E) 9.06 percent

Question

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The Answer of Twelve years ago, your parents set aside $8,000 to help fund your college education. Today, that fund is valued at $23,902. What rate of interest is being earned on this account?
A) 8.99 percent
B) 9.42 percent
C) 9.67 percent
D) 9.55 percent
E) 9.06 percent

Twelve Years Ago, Your Parents Set Aside $8,000 to Help