Question
1. Two years ago, you invested $2,500. Today it is worth $2,809. What rate of interest per annum did you earn? 2. Twenty years ago,
1. Two years ago, you invested $2,500. Today it is worth $2,809. What rate of interest per annum did you earn?
2. Twenty years ago, your mother invested $15,000. Today, that investment is worth $76,681. What is the average annual rate of return she earned on this investment?
3. Twelve years ago, APC Logistics set aside $100,000 in case of a financial emergency. Today, that account has increased in value to $230,323. What rate of interest is the firm earning on this money?
4. Fourteen years ago, your parents set aside $37,500 to help fund your college education. Today, that fund is valued at $71,332. What rate of interest is being earned on this account?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started