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What the annually compounded rate of return misty needs

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Misty needs to have $21,000 in four years to fulfill her goal of purchasing a small sailboat. She is willing to invest a lump sum today and leave the money on touch for four years until it grows to $21,000, but she wonders what sort of investment returns she will need to earn to reach her goal. Use your calculator or spreadsheet to figure out the approximate annual compounded rate of return needed if she can invest $14,900 today.

Question 1: The annually compounded rate of return Misty needs to earn to reach her goal is

Reference no: EM132538010

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