An investor opened a money market account with a single deposit of $6,000 on December 31, 2001. The interest earned on the account was calculated and reinvested quarterly. The compounded interest reported for the first three quarters o 2002 ws $125, $130, and $145, respectively. If the investor made no deposits o withdrawals during the year, approximately what annual rate of interes must the account earn for the fourth quarter in order for the total interest earned on the account for the year to be 10 percent of the initial deposit?
A 3.1%
B 9.3%
C 10.0%
D 10.5%
E 12.5%
answer E
A 3.1%
B 9.3%
C 10.0%
D 10.5%
E 12.5%
answer E
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