At what per annum rate must $319 be compounded daily for it to grow to $625 in 11 years? (Round to 100th of a percent and enter your answer as a percentage, e.g., 12.34 for 12.34%) (Assume 365 days in the year)

At what per annum rate must $319 be compounded daily for it to grow to $625 in 11 years? (Round to 100th of a percent and enter your answer as a percentage, e.g., 12.34 for 12.34%) (Assume 365 days in the year)

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter1: Understanding Personal Finance

Section1.4: Perform Time Value Of Money Calculations

Problem 3CC

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At what per annum rate must $319 be compounded daily for it to grow to $625 in 11 years?
(Round to 100th of a percent and enter your answer as a percentage, e.g., 12.34 for 12.34%)
(Assume 365 days in the year)
Answer:

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