Your friend claims that he invested $5,000 seven years ago and that this investment is worth $38,700 today.For this to be true,what annual rate of return did he have to earn? Assume the interest compounds annually.
A) 28.87 percent
B) 31.39 percent
C) 33.96 percent
D) 36.01 percent
E) 37.87 percent
Correct Answer:
Verified
Q35: You want to invest an amount of
Q41: Skyline Industries will need $1.8 million 5
Q42: Sixty years ago,your grandparents opened two savings
Q43: You want to have $25,000 for a
Q44: Your coin collection contains ten 1939 silver
Q46: Ten years from now,you will be inheriting
Q47: At 10 percent interest,how long does it
Q48: You have been told that you need
Q49: You want to have $45,000 in cash
Q50: Today,Stacy is investing $26,000 at 6.0 percent,compounded
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents