Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exactly 11 years ago, you deposited $2440 into an account and promptly forgot about it. Today, you find the original confirmation letter while cleaning out

Exactly 11 years ago, you deposited $2440 into an account and promptly forgot about it. Today, you find the original confirmation letter while cleaning out your desk and decide to check your balance. After being put on hold for an hour with customer service and resetting your password twice, you find that your account has grown to $6116! What is your annual rate of return over the last 11 years? Submit your answer as a percentage and round to two decimal places (Ex. 0.00%).

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

Students also viewed these Finance questions