uan invested $21,000 in a mutual fund 6 yr ago. Today his investment is worth $36,002. Find the effective annual rate of return on his investment over the 6-yr period. (Round your answer to two decimal places.)
uan invested $21,000 in a mutual fund 6 yr ago. Today his investment is worth $36,002. Find the effective annual rate of return on his investment over the 6-yr period. (Round your answer to two decimal places.)
Essentials of Business Analytics (MindTap Course List)
2nd Edition
ISBN:9781305627734
Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Chapter2: Descriptive Statistics
Section: Chapter Questions
Problem 17P: Suppose that you initially invested 10,000 in the Stivers mutual fund and 5,000 in the Trippi mutual...
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uan invested $21,000 in a mutual fund 6 yr ago. Today his investment is worth $36,002. Find the effective annual rate of
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Effective Annual rate = [1 + { ( Ending Value - Investment ) / Investment } ]1/n - 1
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