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(Solving for i) Kirk Van Houten, who has been married for 21 years, would like to buy his wife an expensive diamond ring with a
(Solving for
i)
Kirk Van Houten, who has been married for
21
years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be
$13,000
in
9
years. Kirk currently has
$4,513
to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring
he annual rate of return Kirk must earn on his investment to accumulate enough money to pay for the ring is
enter your response here%.
(Round to two decimal places.)
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