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    Excel worksheet function RATE

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    Elizabeth has $35,000 in an investment account, but she wants the account to grow to $100,000 in 10 years without making any additional contributions to the account. What effective annual rate of interest does she need to earn on the account to meet her goal?

    Use Excel RATE formula.

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    https://brainmass.com/economics/balance-of-payments/excel-worksheet-function-rate-232482

    Solution Preview

    The answer is in the attached Excel file
    Elizabeth has $35,000 in an investment account, but she wants the account to grow to $100,000 in 10 years without making any additional contributions to the account. What effective annual rate of interest does she need to earn on the account to meet her ...

    Solution Summary

    Uses Excel worksheet function RATE to calculate effective annual rate of interest.

    $2.19