In a recessionary economy, interest rate on deposits can be 0 percent. However, Raymond has an investment of $25 000 now, and in three years it will mature and pay Raymond $32 000. What is the approximate rate of return on his investment?
A) 8) 3 percent
B) 8) 6 percent
C) 8) 9 percent
D) Insufficient information to calculate this question
Correct Answer:
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