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Problem

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question

MinnieMorellois considering investing $5,000. in 5 year savings bonds at 5(1/2) %. Broker TedTurpidis advising her to purchase mutual funds. Ms.Morellowould have to pay a fee of 5(8/10)% of the amount invested, to acquire the funds. How much interest must the fund pay to match the projected return from savings bonds?

category

business

options

  1. 6%
  2. 5%
  3. 7%
  4. 7.5%
  5. 7.25%
  6. 6.77%
  7. 5.5%
  8. 5.8%
  9. 4.5%
  10. 8%

src

stemez-Business

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