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What annually compounded rate of return misty

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Reference no: EM132492512

Time Value and Personal Finance Problem  

Point 1: Misty needs to have ?$12,000 in 8 years to fulfill her goal of purchasing a small sailboat. She is willing to invest a lump sum today and leave the money untouched for 8 years until it grows to ?$12000, but she wonders what sort of investment return she will need to earn to reach her goal. Use your calculator or spreadsheet to figure out the approximate annually compounded rate of return needed if she can invest ?$8,800 today.

Question 1: The annually compounded rate of return Misty needs to earn to reach her goal is ? %. ?(Round to two decimal? places.)

Reference no: EM132492512

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