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Type: Multiple-Choice
Category: Exponents
Level: Grade 11
Standards: HSF-IF.C.8, HSF-IF.C.8b
Tags: HSF-IF.C.8 HSF-IF.C.8b
Author: HTPhysics
Created: 8 months ago

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Grade 11 Exponents CCSS: HSF-IF.C.8, HSF-IF.C.8b

$3,000 is invested in an account with 5% interest compounded quarterly. What is the effective annual growth rate?
  1. 5%
  2. 5.1%
  3. 5.09%
  4. 6%