A principal of 5500 OMR is invested for 3 years. Find the interest rate required to produce a future value of 6300 OMR if the interest is compounded annually?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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A principal of 5500 OMR is invested for 3 years. Find the interest rate required
to produce a future value of 6300 OMR if the interest is compounded annually?
Select one:
O a. 4.63%
O b. 14.5%
O c. 0.07%
O d. 7%
O e. None of the above
Transcribed Image Text:A principal of 5500 OMR is invested for 3 years. Find the interest rate required to produce a future value of 6300 OMR if the interest is compounded annually? Select one: O a. 4.63% O b. 14.5% O c. 0.07% O d. 7% O e. None of the above
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