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Aleonysh [2.5K]
3 years ago
9

An investment offers to double your money in 30 months (don’t believe it). What rate per six months are you being offered? (Do n

ot round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Rate %
Business
1 answer:
kykrilka [37]3 years ago
6 0

Answer:

9.05%

Explanation:

The formula that would be used to fund the interest rate =

[(FV / PV)^1/N ] - 1

FV / PV = Future value/ present value = 2 (The investment offers to double the investment)

M = 5 (30 months / 6 months )

(2 ^1/8) - 1 = 0.090508 = 9.05%

I hope my answer helps you

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