Rick deposited $3,000 into an account 12 years ago for an emergency fund. Today, that account...
Rick deposited $3,000 into an account 12 years ago for an emergency fund. Today, that account is worth $4,460. What annual rate of return did Rick earn on this account assuming no other deposits and no withdrawals?
Homework Answers
| Annual average growth rate=((last value/First value)^(1/Time between 1st and last value)-1)*100 |
| Annual Growth rate=((4460/3000)^(1/12)-1)*100 |
| Annual Growth rate% = 3.36 |
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Rick deposited $3,000 into an account 12 years ago for an emergency fund. Today, that account...
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Rick deposited $2,850 into an account 7 years ago for an
emergency fund
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