You have $1,000 today and want to have $2,500 in 5 years’ time. What is the minimum annual interest rate, compounded mon

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answerhappygod
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You have $1,000 today and want to have $2,500 in 5 years’ time. What is the minimum annual interest rate, compounded mon

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You have $1,000 today and want to have $2,500 in 5 years’ time.
What is the minimum annual interest rate, compounded monthly you
need to reach your goal? Round you answer to the nearest 0.01%. (3
marks)
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