one year ago, LMN deposited $5,400 in an account that has earned and will esrn 12.3%...

one year ago, LMN deposited $5,400 in an account that has earned and will esrn 12.3% pet year in compound interest. If AQZ deposits $8,700 in an account in 3 years from today that earns simple interest, then how much simple interedt per year must AQZ earn to have the same amount of money in 7 years from today as LMN will have in 7 years from today? Answer as an annual rate.

A a rate lesd than 6.00% or a rate equal to or greater than 18%

B a rate greater than or equal to 6% but lesd than 9%

C a rate equal to or greater than 9% but lesd than 12%

D a rate equal to or greater than 12% but less than 15%

E a rate greater than or equal to 15% but less than 18%

Expert Solution

jeff jeffy answered 2 years ago

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