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. your answer: answer units

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. your answer: answer units

Answer

Explanation:

Step1: Identify values of FV and P

$FV = 2159.67$, $P=1975$

Step2: Substitute values into ROI formula

$ROI=\frac{2159.67 - 1975}{1975}\times100$ First, calculate the numerator: $2159.67- 1975=184.67$ Then, $\frac{184.67}{1975}\times100$ $\frac{184.67}{1975}=0.093504$ $0.093504\times100 = 9.3504$

Step3: Round the result

Rounding $9.3504$ to two decimal places gives $9.35$

Answer:

$9.35%$