Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

15 years ago, your aunt Furtsy set aside $9,500 to help fund your college education. She has made no other deposits since then. Today, that

15 years ago, your aunt Furtsy set aside $9,500 to help fund your college education. She has made no other deposits since then. Today, that investment is valued at $52,243 and she has given you access the funds. What annual rate of return did your aunt earn on this account? (NOTE: Round your answer to two decimal places and report it as a percent: for 1.55% you would write 1.55)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cambridge International AS & A Level Mathematics Probability & Statistics 1 Coursebook

Authors: Dean Chalmers, Julian Gilbey

1st Edition

1108407307, 978-1108407304

Students also viewed these Finance questions

Question

Contact person at the organization

Answered: 1 week ago