can you please show me the equation i need to use for this? Solving for Rates...

Question

Question

Solving for Rates What annual rate of return is earned on a $3,200 investment when it grows to $6,900 in eleven years? Multip

can you please show me the equation i need to use for this?

Answer 1

Answer #1

Nper = 11

PV = 3200

FV = 6900

PMT = 0

Annual rate of return can be calculated by using the following excel formula:
=RATE(nper,pmt,pv,fv)
=RATE(11,0,-3200,6900)
= 7.23%

Annual rate of return = 7.23%

Answer 2

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