1 answer

Rick deposited $3,050 into an account 9 years ago for an emergency fund. Today, that account is worth $3,950. What

Question:

Rick deposited $3,050 into an account 9 years ago for an emergency fund. Today, that account is worth $3,950. What annual rate of return did Rick earn on this account assuming no other deposits and no withdrawals?


Answers

Solution :-

9 years ago, $3050 was the present Value of an emergency fund. Today, $ 950 is the future Value for an emergency fundwhich wa3950 3050 1tr 295081 = ltr 0.11 Milli 20 1508196721) - ltr 1.029147 = ltr 1.029147-) = 8 0.029147 = 8 so, 8 = 0.029147 or 2.9Thus, Rick earned annual rate of return of 2.9147%.

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