Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

years ago at the annual family camping trip , your Uncle Louis told you that he had $ 9 0 , 0 0 0 in

years ago at the annual family camping trip, your Uncle Louis told you that he had $ 90,000 in his bank account. Today (18 years later) Uncle Louis tells you that the account has $ 359,641.75. If Uncle Louis never added or withdrew funds from the account over the 18 year period, what was the bank account's annual rate of interest?
The annual rate of interest is closest to: the answer is 8% and i need the description thanks

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

QlikView For Finance

Authors: B. Diane Blackwood

1st Edition

1784395749, 978-1784395742

More Books

Students also viewed these Finance questions