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dusya [7]
3 years ago
7

What is the interest rate on a three-year investment with a future value of $1000 and a present value of $863.84?

Business
1 answer:
Nimfa-mama [501]3 years ago
3 0
Use
F=P(1+i)^n

Substituting 
F=1000, P=863.84, n=3
solve for i
1000=863.84^(1+i)^3
solving for i 
=> 
i=(\frac{1000}{863.84})^{\frac{1}{3}}-1
=0.0500

Answer: the annual interest rate is 5%
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