Suppose you are an investor and is considering depositing $20,000 initially and making monthly contributions of $250 per month, the first contribution will be one month from today into investment. If the investor wants to have a future value of $50,000, what will be the annual rate of interest if he wishes to have this amount in 5 years? Assume interest is compounded monthly

Answer rating: 100% (QA)

To find the annual rate for this investment we can use the future value formula for compoun... View the full answer