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Keith_Richards [23]
3 years ago
9

When your father was born 48 years ago, his grandparents deposited $250 in an account for him. Today, that account is worth $36,

500. What was the annual rate of return on this account
Business
1 answer:
ki77a [65]3 years ago
6 0

Answer:

10.94%

Explanation:

Your father was born 48 years ago

His grandfather deposited $250 in an account for him

Today the money is worth $36,500

The annual rate of his return can be calculated as follows

= 36500/250 ×1/48= (1+r/100)

= 146^0.020833= (1+r/100)

= 1.1094-1

= 0.10940×100

= 10.94%

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