7 years ago, you put $166,308 into an interest-earning account. Today it is worth $255,924. What...

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7 years ago, you put $166,308 into an interest-earning account. Today it is worth $255,924. What is the effective annual interest earned on the account? Round your answer to the nearest tenth of a percent. For example, if you get 15.1 %, write 0.151.

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Answer 1

Answer #1

Using financial calculator
Input:

PV = -166308; FV = 255924 ; N =7

Find I/Y as 6.35%

In excel we can find it as

AutoSave Book1 - Excel 《Product Activation Failed) Sign in File Insert Page Layout Formulas Data Review View Help Tell me wha

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Answer 2

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