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Answer to Question #267633 in Financial Math for kkk

Question #267633

A bank promises to quadruple your investment over a period of 15 years based on semi-annual compounding. What is the stated annual interest rate on this investment? 


1
Expert's answer
2021-11-18T06:16:22-0500

The given problem can be solved using RATE function in excel.

RATE function computes interest rate for given period (NPER), Periodic savings/ withdrawal (PMT), Amount accumulated in future (FV) and Present value of money (PV).


Let us assume $1 is invested.


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