Rick deposited $3050 into an account 9 years ago for an emergency fund. Today that account is worth $3950. What annual rate of return did rick earn on this account assuming no other deposits and no withdrawal? Rick deposited $3,050 into an account 9 years ago for an emergency fund. Today, that account is worth $3,950. What annual rate of return did Rick earn on this accountassuming no other deposits and no withdrawals?Multiple ChoiceOO2.91%2.80%3.21%2.72%2.18%

Initial deposit (I) = $3,050 Value today (T) = $3,950 Period (p) = 9 Years Rate of return (r) = ?…

Rick deposited $3,050 into an account 9 years ago for an emergency fund. Today, that account is worth $3,950. What annual rate of return did Rick earn on this account assuming no other deposits and no withdrawals? Multiple Choice O O O 2.91% 2.80% 3.21% 2.72% 2.18%

Rick deposited $3,050 into an account 9 years ago for an emergency fund. Today, that account is worth $3,950. What annual rate of return did Rick earn on this account assuming no other deposits and no withdrawals? Multiple Choice O O O 2.91% 2.80% 3.21% 2.72% 2.18%

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 4MC: Refer to the present value table information on the previous page. What amount should Brett have in...

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Rick deposited $3050 into an account 9 years ago for an emergency fund. Today that account is worth $3950. What annual rate of return did rick earn on this account assuming no other deposits and no withdrawal?

Definition Definition Percentage gain or loss from a specific investment over time. The rate of return is the difference between the closing and initial values of an investment divided by the initial value of the investment. The closing value includes any intermediate cash flows such as dividends or interest amounts.

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