SOLUTION: An investment of $10000 in 1997 in the Spartan Investment Grade Bond Fund grew to $14309.61 in 2002. Use the formula R=(S/P)^1/n - 1, to find the 5 year average annual return.
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Question 149913: An investment of $10000 in 1997 in the Spartan Investment Grade Bond Fund grew to $14309.61 in 2002. Use the formula R=(S/P)^1/n - 1, to find the 5 year average annual return.
Answer by vleith(2983) (Show Source): You can put this solution on YOUR website!
See here --> http://qrc.depaul.edu/StudyGuide2007/Notes/Savings%20Accounts/Compound%20Interest.htm
You are given
A=14309.61
P=10000
n=5
So plug in and solve for r
So r is 7%
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