Mario, the owner of Best Pizzeria, took the first $2,000 he earned from his business and...

Mario, the owner of Best Pizzeria, took the first $2,000 he earned from his business and placed it into a Fidelity savings plan. At the end of 5 years, he closed the account and withdrew $2,850. What was the annual rate of interest he earned?

N =

I =

PV =

PMT =

FV =

P/Y =

Solutions

Expert Solution

N=5
PV=-2000
FV=2850
P/Y=1
PMT=0
CPT I=7.3403%

Annual rate of interest is given as=7.3403%

jeff jeffy answered 1 year ago

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