In: Finance
What annual compound interest rate is required for an investment to grow by 32% in 7 years if interest is compounded 348 times per year?
Ans 3.97%
FV = | Future Value |
PV = | Present Value |
r = | rate of interest |
n= | no of period |
FV/ PV = | (1 + r )^n |
1.32 / 1 = | (1 + r%/348)^2436 |
1.32 = | (1 + r%/348)^2436 |
r = | 3.97% |