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42. Juan-Davids mother said that when Juan-Davids graduates from university in four years, she would...

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Finance

42. Juan-Davids mother said that when Juan-Davids graduates from university in four years, she would gift him $1200 to invest in a segregated fund. Since Juan-David has his own savings of $8000, he was curious to know whether or not he could match his mother's gift.

What mininum annual rate of interest must Juan-Davids $8,000 in savings earn for him to be able to match his mothers $12.000 in four years?

a) 7%

b)9%

c) 11%

d) 13%


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