Question
Thirty years ago, Bette's aunt put $50 in a savings account for Bette.Bette has never taken any of the money out or deposited any money
Thirty years ago, Bette's aunt put $50 in a savings account for Bette.Bette has never taken any of the money out or deposited any money to the account.The account now has $281 in it. What is the annual compound rate this account has been earning?
This is a time value of money question. If you can show the step by step, please. Thank you.
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Financial Management for Public, Health and Not-for-Profit Organizations
Authors: Steven A. Finkler, Daniel L. Smith, Thad D. Calabrese, Robert M. Purtell
5th edition
1506326846, 9781506326863, 1506326862, 978-1506326849
