Every year, for the past 20 years, your grandfather has been. putting $20,000 into an investment...
Every year, for the past 20 years, your grandfather has been. putting $20,000 into an investment fund for you. The fund has grown to $632,000 today. What has been the average annual
compound growth rate on these funds?
Homework Answers
The average annual growth rate is calculated using the RATE function:-
=RATE(nper,pmt,pv,fv)
=RATE(20,-20000,,632000)
=4.57%
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