Find age if account has earned average annual rate
When you were born, your parents opened an investment account in your name and deposited $2,000 into the account. The account has earned an average annual rate of return of 8 percent. Today, the account is valued at $21,735.34. How old are you?
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You bought a stock three months ago for $48.57 per share. The stock paid no dividends. The current share price is $53.09. What is the APR of your investment? The EAR?
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The account has earned an average annual rate of return of 8 percent. Today, the account is valued at $21,735.34. How old are you?
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