Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. at what annual rate would the following have to be

At what annual rate would the following have to be invested? $7,054, to grow to $86,066,...

50.1K

Verified Solution

Question

Finance

At what annual rate would the following have to be invested?

$7,054, to grow to $86,066, in 32 years.

Answer & Explanation Solved by verified expert
4.0 Ratings (740 Votes)
Solution Annual rate is r813 in two decimal r 813092 in 5 decimal Use as per requirement of question but remember when you take 5 or 6 decimal then you will get exact results not in two decimal as the question is decimal sensitive Working Notes Annual rate of    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

At what annual rate would the following have to be invested?$7,054, to grow to $86,066, in 32 years.

Other questions asked by students

Q

2 V 3 4V 2 N 100 molecules of a gas have velocities 1 2...

Physics
Q

Mark all of the characteristics that apply to Homo erectus.Steep facial slopeSmall caninesBowl-shaped pelvisLegs longer...

Biology
Q

3 Assertion It is better to wash the clothes in cold soap solution Reason The...

Physics
Q

2 Which sequence of rigid motions will definitely work to take triangle GHJ onto triangle...

Geometry
Q

1 2 a Determine if each relation is a function b FIZI 2 0 c...

Basic Math
Q

Verify the identity cos 24 1 sin 24 cot A 1 cot A 1

Algebra
Q

right-hand entries decrease:

Accounting
Q

Pls help with all parts!! John Feming, chief administrator for Valley View Hospital, is...

Accounting
Q

Problem 8-19 Cash Budget; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-8, LO8-9, LO8-10) below s...

Accounting
Q

Mason Company has prepared consolidated financial statements for the current year and is now gathering...

Accounting
Q

23. Aaron, Inc. estimates direct labor costs and manufacturing overhead costs for the coming year...

Accounting
Q

Explain the debit/credit rules for increasing and decreasing asset accounts.

Accounting