Ten (10) years ago Bruce invested $1,000. Today, the investment is worth $3,250. If interest is compounded annually, what annual rate of return did Bruce earn on his investment? Do not round intermediate calculations. Round your answer to one decimal place.

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 18PROB
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Ten (10) years ago Bruce invested $1,000. Today, the investment is worth $3,250. If interest is compounded annually, what annual rate of return did Bruce earn on his investment? Do not round intermediate calculations. Round your answer to one decimal place.

  

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