What APR is being earned on a deposit of $5,000 made 10 years ago today if the deposit is worth $9,848.21 today? The deposit pays interest semiannually.
A) 3.56%
B) 6.76%
C) 6.89%
D) 7.12%

Name: What APR is being earned on a deposit of $5,000 made 10 years ago today if the deposit is worth $9,848.21 today? The deposit pays interest semiannually. A) 3.56% B) 6.76% C) 6.89% D) 7.12%
Brand: Quizplus
Rating: 4.8 (45 reviews)

Question

Quizplus · Accepted Answer

FV = PV (1 + r)^t$9,848.21 = $5,000 [1 + (r / 2)]^{10 × 2}r = 6.89%

What APR Is Being Earned on a Deposit of $5,000