Solved: An investment promises to quadruple your money in six years, Accounting Basics

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An investment promises to quadruple your money in six years

Question - An investment promises to quadruple your money in six years. If the interest is compounded monthly, what effective annual rate would you earn? (Hint: Calculate the monthly rate and convert that to the effective annual rate, EAR.)

A. 25.99%

B. 18.92%

C. 21.90%

D. 41.42%

E. 16.65%

F. 31.95%

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Accounting Basics: An investment promises to quadruple your money in six years

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