Twenty-two years ago, Victor set aside $5,135 in case of a financial emergency. Today, that account has increased in value to $18,350. What annually compounded rate of interest is her account earning?
Twenty-two years ago, Victor set aside $5,135 in case of a financial emergency. Today, that account has increased in value to $18,350. What annually compounded rate of interest is her account earning?
Chapter7: Deductions And Losses: Certain Business Expenses And Losses
Section: Chapter Questions
Problem 30P
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Question
shobha
![Twenty-two years ago, Victor set aside $5,135 in case of a financial
emergency. Today, that account has increased in value to $18,350. What
annually compounded rate of interest is her account earning?
5.74%
5.96%
7.75%
6.36%
O None of these answers are correct](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc4c8dea9-ec5f-4feb-bfb9-5aa4e38cf8cf%2F96b84d58-218f-4fc3-a690-d594906d689a%2Fv36jv1a_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Twenty-two years ago, Victor set aside $5,135 in case of a financial
emergency. Today, that account has increased in value to $18,350. What
annually compounded rate of interest is her account earning?
5.74%
5.96%
7.75%
6.36%
O None of these answers are correct
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