The answer to this solution is listed below. Can you please translate the answer to this solution using a financial calculator. Example: fv, n, i/y, pv, PMT etc.

Cast Out Co. invested $16,200 in a project. At the end of two years, the company sold the project for $23,800. What annual rate of return did the firm earn on this project?

• 16200*(1+r)^2 = 23800

1+r = (23800/16200) ^ (1/2) = 1.21208

r = 0.21208 (21.208 %)