Twenty years ago, you invested 16,612.70. If you earned a compound annual rate of return of 6.30%, how much is your investment worth today? Question 3 options: 62,745.76 51,482.69 54,218.18 60,328.54 56,377.46

Twenty years ago, you invested 16,612.70. If you earned a compound annual rate of return of 6.30%, how much is your investment worth today? Question 3 options: 62,745.76 51,482.69 54,218.18 60,328.54 56,377.46

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter1: Understanding Personal Finance

Section: Chapter Questions

Problem 9DTM

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Question

Twenty years ago, you invested 16,612.70. If you earned a compound annual rate of return of 6.30%, how much is your investment worth today?

Question 3 options:

	62,745.76
	51,482.69
	54,218.18
	60,328.54
	56,377.46

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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