business finance
At what annual interest rate, compounded annually, would
$
have to be invested for it to grow to
$
in
years?
The annual interest rate, compounded annually, at which
$
must be invested for it to grow to
$
in
years is
%.
(Round to two decimal places.)
Homework Answers
SOLUTION :
Let the annual rate be r (in decimals) at which $480 invested today will grow to $1966.65 in 14 years by annual compounding.
So,
FV = PV( 1+ r)^n
=> 1966.65 = 480(1 + r)^14
=> r = (1966.65/480)^(1/14) - 1
=> r = 0.1060
=> r = 10.60 %
The annual rate would be 10.60% . (ANSWER)
SOLUTION :
Let the annual rate be r (in decimals) at which $480 invested today will grow to $1966.65 in 14 years by annual compounding.
So,
FV = PV( 1+ r)^n
=> 1966.65 = 480(1 + r)^14
=> r = (1966.65/480)^(1/14) - 1
=> r = 0.1060
=> r = 10.60 %
The annual rate would be 10.60% . (ANSWER)
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