Jordan will need $20,000 at the end of 6 years to put a down payment on a house.What rate of return will he need to earn if he can invest $9,110 today?
A) 14.0%
B) 13.0%
C) 13.5%
D) 14.5%
E) 15.0%

Question

Quizplus · Accepted Answer

i = 11ea7fdb_fc28_5b36_a768_b9efe52b0142_TB2902_00 - 1
i = 11ea7fdb_fc28_5b37_a768_3dc4e02c4fde_TB2902_00 - 1 = 14%
Using a financial calculator:
N = 6, PV = -9,110, PMT = 0, FV = 20,000, cpt I/Y = 14%

Jordan Will Need $20,000 at the End of 6 Years