You have an investment opportunity that costs $35,000 and eight years later pays a lump-sum amount of $100,000. What interest rate per year would be earned on this investment?

Principles of Economics, 7th Edition (MindTap Course List)
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ISBN:9781285165875
Author:N. Gregory Mankiw
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Chapter27: The Basic Tools Of Finance
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3. You have an investment opportunity that costs $35,000 and eight years
later pays a lump-sum amount of $100,000. What interest rate per year
would be earned on this investment?
Transcribed Image Text:3. You have an investment opportunity that costs $35,000 and eight years later pays a lump-sum amount of $100,000. What interest rate per year would be earned on this investment?
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