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"Kylee saved $25,000 in in the stock market 13 years ago, and has been saving an additional $230 each month since then. If her current account balance is $148,000, what annual interest rate did she earn?

Respuesta :

sqdancefan

Answer:

  9%

Step-by-step explanation:

You want to know the interest rate that grows an initial investment of $25,000 and monthly payments of $230 to become a balance of $148,000 after 13 years.

Interest rate

There is no formula for the interest rate in this application. A financial calculator can figure it for you. The attachment shows one such calculator found the rate to be 9%.

  Kylee earned an annual rate of 9% on her investment.

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