Question
Brief Exercise G-20 Joanne Quick made an investment of $11,830.31. From this investment, she will receive $1,500 annually for the next 11 years starting one
Brief Exercise G-20
Joanne Quick made an investment of $11,830.31. From this investment, she will receive $1,500 annually for the next 11 years starting one year from now.
Click here to view the factor table.
(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)
What rate of interest will Joannes investment be earning for her? (Hint:Use Table 4.)(Round answer to 0 decimal places, e.g. 25%.)
Rate of interest
%
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Management Accounting Information for creating and managing value
Authors: Kim Langfield Smith, David Smith, Paul Andon, Ronald Hilton, Helen Thorne
8th edition
9781760420413 , 978-1760420406
