At what interest rate must $112,000 be invested so that it will be worth $392,000 in...

Question

Question

At what interest rate must $112,000 be invested so that it will be worth $392,000 in 14 years?

Answer 1

Answer #1

Fv = future value = 392000

Pv= Present value = 112000

n = number of year = 14

i = rate of interest in decimal

We use formula

We take the 14 th root of the both sides

We convert the interest rate in to percentage

Final answer :-

Interest rate = 9.360881746 %

I hope this will help you :)

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Answer 2

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