A young boy invested $50 to plant Christmas trees on his grandfather's farm. When the boy...

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A young boy invested $50 to plant Christmas trees on his grandfather's farm. When the boy was a freshman in college, six years later, he harvested the trees and sold them for $400. What annual rate of return (i.e. interest rate) did he earn on the investment, assuming he incurred no expenses in the interval? A young boy invested $50 to plant Christmas trees on his grandfather's farm. When the boy was a freshman in college, six years later, he harvested the trees and sold them for $400. What annual rate of return (i.e. interest rate) did he earn on the investment, assuming he incurred no expenses in the interval?

Answer rating: 100% (QA)

To calculate the annual rate of return you can use the formula for compound inte... View the full answer