Kirk Van Houten, who has been married for 24 years, wants to buy his wife an expensive platinum-embroidered diamond ring for their 30th wedding anniversary. Let's assume the cost of the ring will be $10,426 after 6 years. Kirk currently has $4,750 to invest. 

What should be the annual rate of return on Kirk's investment to save enough money to pay for the ring?

Answer rating: 100% (QA)

10426 is the FV at end of year 6 and 47... View the full answer