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goblinko [34]
3 years ago
5

Ten years ago you put $150000.00 into an interest earning account. Today it's worth $275000. What is the effective annual intere

st earned on the account
Business
1 answer:
Nikolay [14]3 years ago
3 0

Answer:

the effective annual interest earned on the account is 6.25%.

Explanation:

The effective annual interest earned on the account can be calculated as follows :

PV = - $150,000

N = 10

PMT = $0

P/yr = 1

FV = $275,000

R = ?

Using a Financial calculator, the  effective annual interest, R, earned on the account will be : 6.2488 or 6.25%.

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