Question 110464This question is from textbook university of Phoenix Elementary and Intermediate Algebra
: Ok so on this one it gives me a formula but I have no clue how to use it. I would love it if someone would help me. You guys are awesome. Thank you in advance!!!!!
An investment of $10,000 in 1997 in the spartan investment grade bond fund grew to $14,309.61 in 2002. Use the formula from the previous exercise to find the 5-year average annual return.
formula: r=(s/p)^1/n -1
This question is from textbook university of Phoenix Elementary and Intermediate Algebra
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! An investment of $10,000 in 1997 in the spartan investment grade bond fund grew to $14,309.61 in 2002. Use the formula from the previous exercise to find the 5-year average annual return.
formula: r=[(s/p)^(1/(n-1)]
r = [(14309.61/10,000)^(1/4)
r = 1.0937...
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Cheers,
Stan H.
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