Elizabeth has $31,209.00 in an investment account. Her goal is to have the account grow to $118,806.00 in 15 years without having to make any additional contributions to the account. What effective annual rate of interest would she need to earn on the account in order to meet her goal? O 10.32% O 10.82% O 9.32% O 9.82% O 11.32%
Elizabeth has $31,209.00 in an investment account. Her goal is to have the account grow to $118,806.00 in 15 years without having to make any additional contributions to the account. What effective annual rate of interest would she need to earn on the account in order to meet her goal? O 10.32% O 10.82% O 9.32% O 9.82% O 11.32%
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 4MC: Refer to the present value table information on the previous page. What amount should Brett have in...
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![Elizabeth has $31,209.00 in an investment account. Her goal is to have the
account grow to $118,806.00 in 15 years without having to make any
additional contributions to the account. What effective annual rate of
interest would she need to earn on the account in order to meet her goal?
O 10.32%
10.82%
O 9.32%
O 9.82%
O 11.32%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2a4a0160-ae4d-4bd4-b80c-09498b29efd7%2F294b7e3f-3580-4baf-b9c0-784539d558a3%2Fkcqqi4v_processed.png&w=3840&q=75)
Transcribed Image Text:Elizabeth has $31,209.00 in an investment account. Her goal is to have the
account grow to $118,806.00 in 15 years without having to make any
additional contributions to the account. What effective annual rate of
interest would she need to earn on the account in order to meet her goal?
O 10.32%
10.82%
O 9.32%
O 9.82%
O 11.32%
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