jasonharrison280 jasonharrison280

29-01-2020
Business

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What interest rate (the nearest percent) must Charlie earn on a $362000 investment today so that he will have $1126000 after 10 years?

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princessesther2011 princessesther2011

29-01-2020

Answer:

12%

Explanation:

A = P(1+r)^n

A (amount) = $1126000

P (principal) = $362000

n = 10 years

1126000 = 362000(1+r)^10

1126000/362000 = (1+r)^10

(1+r)^10 = 3.1

1+r = 3.1^0.1

1+r = 1.12

r = 1.12 - 1 = 0.12 = 12%

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