Susan Myer had invested $2500 in an ABC bank Certificate of Deposit when she inherited trust funds from her grandmother 15 years ago. If her investment is worth $7235 today, what interest rate compounded monthly did this investment earn? Round your answer to the nearest hundredth of a percent.

Susan Myer had invested $2500 in an ABC bank Certificate of Deposit when she inherited trust funds from her grandmother 15 years ago. If her investment is worth $7235 today, what interest rate compounded monthly did this investment earn? Round your answer to the nearest hundredth of a percent.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.

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