What is annual interest rate earned in this investment

Assignment Help Financial Accounting

Reference no: EM131203434

John invested $10,000 into a money market account and took out $2,000 at the end of year 1. He found out at the end of 7 years that the rest of the money in the account grew to a sum of $29,860. What is the annual interest rate John earned in this investment?

Reference no: EM131203434

Questions Cloud

Common accounting standards should be adopted : Common accounting standards should be adopted by all countries to help countries with international business. As it is, most countries find international business almost impossible as there are so many hurdles and policies they need to adhere to and ..

How can supply-chain and inventory management concepts help : How can supply-chain and inventory management concepts help Silvaro Motors reduce investment and space requirements whilst maintaining adequate service levels?

What would you tell your cousin about this disease : Imagine your 19 year old cousin has recently gone through many changes in his life and you suspect he is suffering from major depression. What would you tell your cousin about this disease? How would you help him find the best treatment possible? ..

About the market interest rate : Ultimate Butter Popcorn issues 7%, 10-year bonds with a face amount of $60,000. The market interest rate for bonds of similar risk and maturity is 7%. Interest is paid semiannually. At what price will the bonds issue?

What is annual interest rate earned in this investment : John invested $10,000 into a money market account and took out $2,000 at the end of year 1. He found out at the end of 7 years that the rest of the money in the account grew to a sum of $29,860. What is the annual interest rate John earned in this in..

How the substitution effect influences food purchases : Globally food price has increased during the past year. It is in this context answer the following questions: Explain how the substitution effect influences food purchases. Provide some examples of substitutions that people might make when the price..

Provide a summary of the purpose and types of activities : Federal Administrative Agencies: Select one federal administrative agency and provide a summary of the purpose and types of activities the agency regulates.

Prepare retained earnings statement for the year ended : Morrow Enterprises Inc. manufactures bathroom fixtures. Prepare a retained earnings statement for the year ended December 31, 2016. Journalize the entries to record the transactions, and post to the eight selected accounts. No post ref is required in..

Reporting on any breach of corporation act : You are tasked with reporting on any breach of section 183 of the Corporation Act (Cth) 2001 against Dr Dawes, Mr Foster, Mr Huckenfusser and Mrs Duck and subsequent Civil Penalty action only. Do not discuss any other offences or actions

User Account

All Pages