What rate of interest did you earn on these financial accounting question? Three years ago, you invested $2,450.00. Today, itis worth $3,250.00. What rate of interest did youearn?a. 4.06 percent.b. 4.94 percent.c. 9.88 percent.d. 0.82 percent.e. 3.06 percent.

Step 1: Formula R = [(FV/PV)(1/n)] - 1Rate = [(Future Value/Present value)(1/number of period)] - 1…

Answered: Three years ago, you invested…

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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Financial Accounting
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Three years ago, you invested $2,450.00. Today, it is worth $3,250.00. What rate of interest did you earn? a. 4.06 percent. b. 4.94 percent. c. 9.88 percent. d. 0.82 percent. e. 3.06 percent.