What annual rate of return is earned on a $5,000 investment when it grows to $9,000 in five years? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Here we will use the following formula:
FV = PV (1+R%)n
where, FV= Future Value , PV = Present value, R% is required rate of return and n = time period.
Now, putting the values into the above equation, we get,
9000 = 5000 (1+ R%)5
9000 / 5000 = (1+R%)5
1.8 = (1+R%)5
(1.8)1/5 = 1+R%
1.12474611314 = 1 +R%
R% = 1.12474611314 -1
R% = 0.12474611314
R = 12.47%
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