Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You deposited $113 into an account 19 years ago for an emergency fund. Today, that account is worth $135. What annual rate of return did
You deposited $113 into an account 19 years ago for an emergency fund. Today, that account is worth $135. What annual rate of return did you earn on this account? Compute no other deposits, no withdrawals, and annual compounding. Round your answer to FOUR decimal places. For example, if your answer is .2525 or 25.25%, your answer should be 0.2525
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started