shobha Twenty-two years ago, Victor set aside $5,135 in case of a financialemergency. Today, that account has increased in value to $18,350. Whatannually compounded rate of interest is her account earning?5.74%5.96%7.75%6.36%O None of these answers are correct

No of years = nper = 22 yearsInvestment = PV = $5,135Increased value = FV = $18,350

Answered: Twenty-two years ago, Victor set aside…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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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?