Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You deposited $750 in a mutual fund each year over the past seven years. Your account balance is $7700. What annual rate of return did
You deposited $750 in a mutual fund each year over the past seven years. Your account balance is $7700. What annual rate of return did you realize? Answer in percent and round to one hundredth of a percent.
I keep getting 8.75 which seems to be incorrect. Please show your work!
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