I got 1.62 but it's wrong why? 3 years ago, you invested $9,200. In 3 years, you expect to have $14,167. If you expect to earn the same annual return after 3 yearsfrom today as the annual return implied from the past and expected values given in the problem, then in how many years from todaydo you expect to have $28,798?Input instructions: Round your answer to at least 2 decimal places.years

We use the compound interest formula:A=P(1+r)t Step 1: Find the annual return rate (r)Using the…

Answered: 3 years ago, you invested $9,200. In 3…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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