Annually Compounded Rate of Return Assignment

Misty needs to have $18,000 in 4 years to fulfill her goal of purchasing a small sailboat. She is willing to invest a lump sum today and leave the money untouched for 4 years until it grows to $18,000 but she wonders what sort of investment return she will need to earn to reach her goal. Use your calculator or spreadsheet to figure out the approximate annually compounded rate of return needed if she can invest ​$12,300 today.

I need to know the correct formula to solve this. The formula I know includes the rate but no rate is given here because it’s what we’re looking for, therefore I don’t know how to solve it.Get Finance homework help today

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