Question

An investment has a present value of $11,000.00 and earns interest compounded 12 times per year (monthly). After 4 years, the investment is worth a future value of $12,000.00. What annual rate of interest was earned?

Write your answer as a percent (not a decimal), rounded to the nearest tenth of a percent. Example: Write 3.2, not .032.

Recall: F=P(1+i)nF=P(1+i)n , where i is the interest rate per period (month), and n is the total number of periods (months). The annual rate is not i . 

Answer = __________________ %

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