Suppose you deposit $2,549.00 into an account today. In 8.00 years the account is worth $3,731.00. The account earned ____% per year.
Amount deposit = $2,549.00
Future value = $3,731.00
Period = 8.00 years
Interest earned = (Future value / Amount deposit)^(1 / Period) -
1
Interest earned = ($3,731.00 / $2,549.00)^(1 / 8) - 1
Interest earned = 1.46371126^(1 / 8) - 1
Interest earned = 1.0488 - 1
Interest earned = 0.0488 or 4.88%
So, the account earned 4.88% per year
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