TVM Queston regarding Interest rates

An investment of €500,000 today that grows to €800,000 after six years has a
stated annual interest rate closest to:
A. 7.5% compounded continuously.
B. 7.7% compounded daily.
C. 8.0% compounded semiannually

Can someone please explain how to go about this question step-by-step?
Thanks in advance

It’s a rather stupid question, because you simply have to try each possibility:

A. €500,000e^{6\times0.075} = €784,156

B. €500,000\left(1 + \dfrac{7.7\%}{365}\right)^{6\times365} = €793,584

C. €500,000\left(1 + \dfrac{8\%}{2}\right)^{6\times2} = €800,516

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Thank You! I thought there was a specific formula or method that had to be followed instead of simply trying each possibility.

Alas, no.

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An approved calculator would save you lotsa time with this one!!! :+1:

ETA: You don’t even have to do all 3 sets of calcs. Calculate the effective annual rate and then use the ICONV worksheet using EFF as your anchor. You can then set C/Y to 2, 365, and 999,999 to calculate NOM!