Answered: If you deposit $10,000 dollars into a…

If you deposit $10,000 dollars into a savings account, what interest would you need to be earning to have $16,850 dollars in the same account 6 years later?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 4QTD

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If you deposit $10,000 dollars into a savings account, what interest would you need to be earning to have $16,850 dollars in the same account 6 years later?

Answer as a percent and to the nearest hundredth of a percent

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