Bob has been investing $4,250 in stock at the end of every year for the past 15 years. If the account is currently worth $130,400, what was his annual return on this investment? Multiple Choice: 9.08% 10.62% 10.92% 8.82% 9.56%

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
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Bob has been investing $4,250 in stock at the end of every year for the past 15 years. If the account is currently worth $130,400, what was his annual return on this investment?

Multiple Choice:

9.08%

10.62%

10.92%

8.82%

9.56%

Expert Solution
Introduction,

Future value is a financial concept that represents the value of an asset or investment at a specified date in the future, based on a specific interest rate or rate of return. It is the expected value of an investment after a specified period of time, assuming the investment earns a certain rate of interest or return over that time.

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