You purchased a house 10 years ago at a cost of $285,000. Today, you sold that house for $500,000. What annual rate of return did you earn on this house?
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
500,000=285,000*(1+r/100)^10
(500,000/285,000)^(1/10)=(1+r/100)
(1+r/100)=1.0578
r=1.0578-1
=5.78%(Approx).
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