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Suppose you have been following a particular market, and you noted that an index of that particular market was at 701 in 1,988. The index

Suppose you have been following a particular market, and you noted that an index of that particular market was at 701 in 1,988. The index in 2008 is 8,565. What was the average compounded return for this index? (answer to the nearest hundredth of a percent, i.e. 1.23 without using a %.) The correct answer has been provided; HOW WAS THIS ANSWER OBTAINED?

Selected Answer: Incorrect 9.27

Correct Answer: Correct 13.33 0.01

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