Answered step by step
Verified Expert Solution
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
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