|
Find the annual interest rate. (Do not round intermediate calculations. Round your
answers to 2 decimal places.)
|
|
Present
Value
|
Future
Value
|
Time
Period
|
Annual
Interest Rate
|
||||
|
$
|
100
|
|
$
|
124.82
|
|
4
years
|
5.70
 % |
|
|
200
|
|
|
289.81
|
|
5
|
7.70
% |
|
|
100
|
|
|
117.33
|
|
6
|
2.70
% |
|
|
|||||||
Explanation:
|
$100 × (1 + r)4 =
$124.82 r = 5.70%
|
|
$200 × (1 + r)5
= $289.81 r = 7.70%
|
|
$100 × (1 + r)6
= $117.33 r = 2.70%
|
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