the amount of $1,975.00 is invested in a savings account. after 4 years the account has $2,159.67. find the…

the amount of $1,975.00 is invested in a savings account. after 4 years the account has $2,159.67. find the return on investment for this account. use this formula: $roi=\frac{fv - p}{p}\times100$. round your answer to two decimal places.

the amount of $1,975.00 is invested in a savings account. after 4 years the account has $2,159.67. find the return on investment for this account. use this formula: $roi=\frac{fv - p}{p}\times100$. round your answer to two decimal places.

Answer

Explanation:

Step1: Identify values

$FV = 2159.67$, $P=1975$

Step2: Substitute into formula

$ROI=\frac{2159.67 - 1975}{1975}\times100$ First, calculate the numerator: $2159.67-1975 = 184.67$ Then, $\frac{184.67}{1975}\times100=\frac{18467}{1975}$

Step3: Calculate result

$\frac{18467}{1975}\approx9.35$

Answer:

9.35%