Your grandmother deposited $10,000 in an investment account on the day you were born to help pay the tuition when you go to college. If the account was worth $50,000 seventeen years after she made the deposit, what was the rate of return on the account?
What will be an ideal response?
50,000 = 10,000(F/P,i,17)
5.0000 = (F/P,i,17)
5.0000 = (1 + i) 17
i = 9.93%
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