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Reptile [31]
3 years ago
5

You have just deposited $9,000 into an account that promises to pay you an annual interest rate of 6.1 percent each year for the

next 7 years. You will leave the money invested in the account and 15 years from today, you need to have $25,650 in the account. What annual interest rate must you earn over the last 8 years to accomplish this goal
Business
1 answer:
Ann [662]3 years ago
8 0

Answer:

Annual interest rate = 8.23%

Explanation:

The annual interest rate i must have earn over the last 8 years to accomplish this goal is:

= ((25650/(9000*(1+6.1%)^7))^(1/8))-1

= ((25650/(9000*1.513588))^(1/8)) - 1

= ((25650/13622.29)^(1/8) - 1

= 1.882943323038931^(1/8) - 1

= 1.08231743862 - 1

= 0.08231743862

= 8.231743862%

= 8.23%

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Flura [38]

Answer:

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Explanation:

Passport

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777dan777 [17]

Answer

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Explanation:

3 0
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Nastasha has a gross income of $66,429. she can make adjustments of $14,490 for business losses, $3,584 for business expenses, a
babunello [35]
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