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Nicolai would get worth of 13958.62 in five years for an 8% rate of return.
What is the rate of return?
The net gain or loss of an investment over a given period stated as a percentage of the investment's starting cost is known as a rate of return (RoR).
Any type of investment instrument, including real estate, bonds, equities, and fine art, can be subject to a rate of return.
You determine the percentage change from the start of the period to the end when computing the rate of return.
Initial amount=9500
Rate of return=8%
Amount after 5 years=[tex]9500*(1+\frac{8}{100}) ^{5}[/tex]
[tex]=9500*(\frac{108}{100} )^{5}[/tex]
[tex]\\=13958.62[/tex]
Learn more about the rate of return here:
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