Homework Answers
Future value = Present value ( 1 + r)n
32,121 = 4,500(1 + r)15
7.138 = (1 + r)15
1.140001 = 1 + r
r = 0.14 or 14%
Annual rate will be 14%.
Keys to use in a financial calculator:
PV -4500
FV 32121
N 15
CPT I/Y
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