In: Finance
future value of deposit = amount deposited *(1+ rate of return)^n
here,
future value of deposit = $24,000
amount deposited = $12,000
rate of return = r = to be found out.
n =17.
=>24,000 = 17,000*(1+r)^17
=>1.41176470588 = (1+r)^17
=> (1.41176470588)^(1/17) =>1+r
=>1.02049187=1+r
=>0.02049187 =r
=>2.05%.