$4000 is invested in a mutual fund that pays annual interest compounded quarterly for 15 years. what annual interest is needed to reach a value of $6000?

The interest needed to reach that value of $6000 is 2.75%

Step-by-step explanation:

Given as :

The principal that invested in mutual fund = p = $4000

The time period = t = 15 years

The Amount after 15 years = A = $6000

Let The interest needed to reach that value = r%

Now, According to question

From Compound Interest method

Amount = principal ×

Or, A = p ×

Or, $6000 = $4000 ×

or, =

Or, =

or, 1.5 =

or, =

or, 1.0275 =  

or, 1.0275 - 1 =

or, 0.0275 =

∴ r = 0.0275 × 100

I.e r = 2.75

So, The interest needed to reach that value = r = 2.75%

Hence,The interest needed to reach that value of $6000 is 2.75% Answer

180

step-by-step explanation:

a. is correct