You have an investment account that started with $4 comma 0004,000 1010 years ago and which...
You have an investment account that started with
$4 comma 0004,000
1010
years ago and which now has grown to
$9 comma 0009,000.
a. What annual rate of return have you earned (you have made no additional contributions to the account)?
b. If the investment account earns
15 %15%
per year from now on, what will the account's value be
1010
years from now?
a. What annual rate of return have you earned (you have made no additional contributions to the account)?
Your annual rate of return is
nothing%.
(Round to two decimal places.)b. If the investment account earns
15 %15%
per year from now on, what will the account's value be
1010
years from now?The account's value in ten years will be
$
Homework Answers
1.
Annual rate of return=(9000/4000)^(1/10)-1=8.44717711976986%
2.
Account's value=9000*(1+15%)^10=36410.0196213712
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