You gave $770 to your cousin. As a token of gratitude, your cousin gave you $1,190 at the end of the year instead of $770. If yo
1 answer:
Answer:
annual rate of return = 54.55%
Explanation:
given data
gave to your cousin present value = $770
cousin give you future value = $1190
solution
we get here annual rate of return that is express as
annual rate of return = - 1 ...................1
put here value and we get
annual rate of return =
solve it we get
annual rate of return = 54.55%
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I hope my answer helps you
