You invested $1,000 two years ago, and the value of your investment has increased to $1,204. What is your compounded annual rate of return over this period?
a. 6.82%
b. 7.88%
c. 9.73%
d. 10.20%
e. 11.76%
c. 9.73%
A | = | P*(1+i)^n | Where, | ||||
$ 1,204 | = | 1000*(1+i)^2 | A | = | $ 1,204 | ||
1.204 | = | (1+i)^2 | P | = | $ 1,000 | ||
1.204 | ^ (1/2) | = | 1+i | i | = | ? | |
1.097269 | = | 1+i | n | = | 2 | ||
0.097269 | = | i | |||||
So, | |||||||
Annual rate of return is | 9.73% |
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