# You invested $20,000 5 years ago into an account. The amount in the account is now $45,000.

Fantastic news! We've located the answer you've been seeking!

## Question:

You invested $20,000 5 years ago into an account. The amount in the account is now $45,000.

a. What was your annual return each year if compounding occurred annually?

b. What was your annual return each year if compounding occurred quarterly?

c. What was your annual return each year if compounding occurred monthly?

You have $10,000 to invest today and want to have $15,000 in 3 years.

a. What annual return do you need to make to reach your goal if compounding is annual?

b. What annual return do you need to make to reach your goal if compounding is semiannual?

**Related Book For**

## Intermediate Algebra

ISBN: 9780134895987

13th Edition

Authors: Margaret Lial, John Hornsby, Terry McGinnis