Homework Answers
| N | 5 |
| I/Y | 6.298% |
| PV | 2800 |
| PMT | 0 |
| FV | 3800 |
FV = PV(1+r)^n
3800 = 2800(1+r)^5
So r = 6.298%
Average annual compound rate of interest on daniel's loan from his father is 6.298%
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