question archive You have just deposited $6,500 into an account that promises to pay you an annual interest rate of 5
You have just deposited $6,500 into an account that promises to pay you an annual interest rate of 5
Subject:FinancePrice: Bought3
You have just deposited $6,500 into an account that promises to pay you an annual interest rate of 5.6 percent each year for the next 7 years. You will leave the money invested in the account and 15 years from today, you need to have $16,730 in the account. What annual interest rate must you earn over the last 8 years to accomplish this goal?
