If Oriole Mooney invests $1,560.48 now and she will receive $12,000 at the end of 18 years, what annual rate of interest will Orioleearn on her investment? (Hint: Use Table 3.) (Round answer to O decimal places, e.g. 25%.)Click here to view the factor table.(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)Annual rate of interest%

Step 1: Future value=Present value∗[(1+R)n]$12000=$1560.48∗[(1+R)18][(1+R)18]=7.69Apply log on both…

Answered: If Oriole Mooney invests $1,560.48 now…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 14E

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