Question
Suppose that you just received $ 1,080 from a $ 1,000 investment you made one year ago. However, the same items you could purchase one
Suppose that you just received $ 1,080 from a $ 1,000 investment you made one year ago. However, the same items you could purchase one year ago for $ 1,000 now cost $ 1,030. What is the real annual interest rate that you earned on your investment? Enter your answer as a percent without the %. Round your final answer to two decimals.
The correct answer is 4.85%
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Financial Management For Nonprofit Human Service Organizations
Authors: Raymond Sanchez Mayers
2nd Edition
0398075131, 9780398075132
