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What interest rate (the nearest percent) must Charlie earn on a $452,000 investment today so...

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Question

Accounting

What interest rate (the nearest percent) must Charlie earn on a $452,000 investment today so that he will have $1,140,000 after 12 years?

Use the information below to get answer:

$452,500 = $1,140,000 x PVF12, i=? 0.39693 = PVF12, i=? i = 8% (0.39711 = PVF12, i=8% )

(We will be using a 4 function calculator)

Answer & Explanation Solved by verified expert
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