Question
- Question: Brief Exercise 6-3 Carla Willis will invest $31,500 today. She needs $228,795 in 19 years. Click here to view factor tables What annual interest rate must she earn? (Round answer to 0 decimal places, e.g. 7%.) Interest rate %Brief Exercise 6-3 Carla Willis will invest $31,500 today. She needs $228,795 in 19 years. Click here to view factor tables What annual interest rate must she earn? (Round answer to 0 decimal places, e.g. 7%.) Interest rate %
Answer
Answer : Interest Rate = 11%
Interest Rate Required to Get $228,795 for 19th Year If $31,500 Invested Today
Future value of $ 31,500 for 19 years = $ 228,795
$228,795 = 31,500 *(1+r)^19
$228,795/ 31,500 = (1+r) ^19
7.26333 = (1+r)^19 =11%
From The FV of $1 Table at 11% interest Rate for 19th Period FV = 7.26333
Answer = 11%
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