What effective interest rate will Frankie have to earn if his investments of $2,000 at the end of every three months for 20 years are to have a maturity value in 20 years of $1,000,000?
A) 11.56%
B) 13.81%
C) 15.29%
D) 16.19%
E) 17.49%
Correct Answer:
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