Homework Answers
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
5,090,000=10,000*(1+r/100)^54
(5,090,000/10,000)^(1/54)=(1+r/100)
(1+r/100)=1.1223
r=1.1223-1
=12.23%(Approx).
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