What annual rate of return is earned on a $2,900 investment when it grows to $6,300 in twelve years?

What annual rate of return is earned on a $2,900 investment when it grows to $6,300 in twelve years?

6.68%

PV = −2,900, N = 12, PMT = 0, FV = 6,300,

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now

FV = $6,300
PV = $2,900
FV =PV(1+r)^12
6300 = 2900(1+r)^12

by solving
rate of return,r = 6.67%