What annual rate of return is earned on a $5,000 investment when it grows to $10,250 in five years? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Please show step by step
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
10250=5000*(1+r/100)^5
(10250/5000)^(1/5)=(1+r/100)
(1+r/100)=1.1544
r=1.1544-1
=15.44%(Approx).
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