Time ValuePersonal Finance Problem Misty needs to have $15000 in 7 years to fulfill her goal of purchasing a small sailboat. She is willing to invest a lump sum today and leave the money untouched for 7 years until it grows to $15000, but she wonders what sort of investment return she will need to earn to reach her goal. Use your calculator or spreadsheet to figure out the approximate annually compounded rate of return needed if she can invest $9700 today.

The annually compounded rate of return Misty needs to earn to reach her goal is