Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You started an investment account 10 years ago with $1600, and it now has grown to $7200. a. What annual rate of return have you

image text in transcribed

You started an investment account 10 years ago with $1600, and it now has grown to $7200. a. What annual rate of return have you earned (you have made no additional contributions to the account)? b. If the investment account earns 12% per year from now on, what will the account's value be ten years from now? %. a. The annual rate of return is (Round to two decimal places.) !. b. The account's value will be $ (Round to the nearest dollar.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Finance questions