<PRE><B>Question 585428</B>
Howard put $35,000 into a balanced mutual fund 15 years ago and his investment today is worth $121,587.
 What was his average annual rate of return?
let r = interest rate in decimals
;
35000*(1+r)^15 = 121587
(1+r)^15 = {{{121587/35000}}}
(1+r)^15 = 3.4739
15*log(1+r) = log(3.4739)
log(1+r) = {{{.54081/15}}}
log(1+r) = ,03054
find the antilog ({{{10^x}}})
1 + r = 1.08656
r = 1.08656 - 1
r = .08656 which 8.656% rate of return</PRE>