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Bob has been investing $4,000 in stock at the end of every year for the past 8 years. If the account is currently worth $45,000, what was his annual return on this investment? Multiple Choice A. 9.07% B. 10.91% C. 8.81% D. 9.55% E. 10.61%

Bob has been investing $4,000 in stock at the end of every year for the past 8 years. If the account is currently worth $45,000, what was his annual return on this investment? Multiple Choice A. 9.07% B. 10.91% C. 8.81% D. 9.55% E. 10.61%

Essentials Of Investments
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
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This question is a question found in the library and the explanation is given on how you all worked it in excel I want to know how to solve it manually. This helps me to better grasp the concepys

6:16 ll LTE Q SEARCH & ASK 보 CHAT Vx MATH SOLVER Bob has been investing $4,000 in stock at the end of every year for the past 8 years. If the account is currently worth $45,000, what was his annual return on this investment? Multiple Choice A. 9.07% B. 10.91% C. 8.81% D. 9.55% E. 10.61% Expert Solution Step 1 The given question is an example or ordinary annuity. With the given values, we can determine the rate of return using excel as: > Step 2 $0 $45,000 1 Present value 2 Future value AA A bartleby.com
Transcribed Image Text:6:16 ll LTE Q SEARCH & ASK 보 CHAT Vx MATH SOLVER Bob has been investing $4,000 in stock at the end of every year for the past 8 years. If the account is currently worth $45,000, what was his annual return on this investment? Multiple Choice A. 9.07% B. 10.91% C. 8.81% D. 9.55% E. 10.61% Expert Solution Step 1 The given question is an example or ordinary annuity. With the given values, we can determine the rate of return using excel as: > Step 2 $0 $45,000 1 Present value 2 Future value AA A bartleby.com
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