Fifteen years ago, Jackson Supply set aside $130,000 in case of a financial emergency. Today, that account has increased in value to $330,592. What rate of interest is the firm earning on this money?
A) 5.80 percent
B) 6.42 percent
C) 6.75 percent
D) 7.28 percent
E) 7.53 percent
Correct Answer:
Verified
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