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Tom invests $40,000 in an investment on January 1st of 2010. On January 1st of...

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Accounting

Tom invests $40,000 in an investment on January 1st of 2010. On January 1st of 2018, he checks his balance again and realizes that he has $48,736 in the account. What was the annual compounded rate of return for this investment?
  • A. 2.0%
  • B. 2.5%
  • C. 3.0%
  • D. 4.0%

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