What annual return would you have to have over the next 5 years to have each $1 today become $66 5 years from today? Express your answer as a percent and round the same to two decimal places.
+118723 $$\begin{array}{rll}
F&=&P(1+i)^n\\\\
66&=&1(1+i)^5\\\\
66^{(1/5)}&=&1+i\\\\
66^{(1/5)}-1&=&i\\\\
i&=&1.311579249\\\\
interest\:\:rate&=&131.16\% \mbox{ correct to 2 decimal places}
\end{array}$$
check
$${\mathtt{1}}{\mathtt{\,\times\,}}{\left({\mathtt{2.311\: \!579\: \!249}}\right)}^{{\mathtt{5}}} = {\mathtt{66.000\: \!000\: \!038\: \!540\: \!915\: \!8}}$$
Yes that works.
+118723 $$\begin{array}{rll}
F&=&P(1+i)^n\\\\
66&=&1(1+i)^5\\\\
66^{(1/5)}&=&1+i\\\\
66^{(1/5)}-1&=&i\\\\
i&=&1.311579249\\\\
interest\:\:rate&=&131.16\% \mbox{ correct to 2 decimal places}
\end{array}$$
check
$${\mathtt{1}}{\mathtt{\,\times\,}}{\left({\mathtt{2.311\: \!579\: \!249}}\right)}^{{\mathtt{5}}} = {\mathtt{66.000\: \!000\: \!038\: \!540\: \!915\: \!8}}$$
Yes that works.
