Assume that $4,000 I deposited into an investment account doubled in value over a six year period. What annual interest rate mus
t I have earned over this period? Is the initial amount of the deposit relevant to the calculation of the annual interest rate? Why or why not?
1 answer:
Answer:
Interest rate is about 12.246%
The initial deposit doesn't matter because when you divide both sides by the initial deposit you're always left with (1+i)ⁿ=2
Step-by-step explanation:
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