An A&E firm planning for a future expansion deposited $30,000 each year for 5 years into...
An A&E firm planning for a future expansion deposited $30,000 each year for 5 years into a sinking (investment) fund that was to pay an unknown rate of return. If the account had a total of $450,000 immediately after the fifth deposit, what rate of return did the company make on these deposits? The rate of return that the company made was ____%.
Homework Answers
Future value = Annual deposit x F/A(r%, N)
450,000 = 30,000 x F/A(r%, 5)
Using excel, Rate of Return is computed as follows.
| Future Value (FV) ($) = | 4,50,000 |
| Annual deposit (PMT) ($) = | -30,000 |
| Number of years (NPER) = | 5 |
| Rate of Return = | 57.07% |
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