Tropical Tans is saving money to build a new salon. Three years ago, they set aside $12,000 for this purpose. Today, that account is worth $16,418. What rate of interest is Tropical Tans earning on this money?
A) 10.88%
B) 10.97%
C) 11.01%
D) 11.14%
E) 11.23%

Question

Quizplus · Accepted Answer

The Answer of Tropical Tans is saving money to build a new salon. Three years ago, they set aside $12,000 for this purpose. Today, that account is worth $16,418. What rate of interest is Tropical Tans earning on this money?
A) 10.88%
B) 10.97%
C) 11.01%
D) 11.14%
E) 11.23%

Tropical Tans Is Saving Money to Build a New Salon