What is the interest rate that converts an investment of $30.47 into $285.09 in 16 years?...

Question

Question

What is the interest rate that converts an investment of $30.47 into $285.09 in 16 years? You may round your answer to the nearest tenth

Answer 1

Answer #1

Annual average growth rate=((last value/First value)^(1/Time between 1st and last value)-1)*100

Annual Growth rate=((285.09/30.47)^(1/16)-1)*100

Annual Growth rate% = 15

Answer 2

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