An investment of $10,000 six years ago has now grown to $20,000. Determine the annual interest rate on this investment, assuming annual compounding.
An investment of $10,000 six years ago has now grown to $20,000. Determine the annual interest rate on this investment, assuming annual compounding.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 29P
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An investment of $10,000 six years ago has now grown to $20,000. Determine the annual interest rate on this investment, assuming annual compounding.
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