question 4 (10 points)\nthe amount of $1,950.00 is invested in a savings account. after 7 years the account…

question 4 (10 points)\nthe amount of $1,950.00 is invested in a savings account. after 7 years the account has $2,227.70. find the return on investment for this account.\nuse this formula:\n$roi=\frac{fv - p}{p}\times100$\nround your answer to two decimal places.\nyour answer:\nanswer\nunits

question 4 (10 points)\nthe amount of $1,950.00 is invested in a savings account. after 7 years the account has $2,227.70. find the return on investment for this account.\nuse this formula:\n$roi=\frac{fv - p}{p}\times100$\nround your answer to two decimal places.\nyour answer:\nanswer\nunits

Answer

Explanation:

Step1: Identify values

$FV = 2227.70$, $P=1950$

Step2: Substitute into formula

$ROI=\frac{2227.70 - 1950}{1950}\times100$ First calculate the numerator: $2227.70-1950 = 277.70$ Then $\frac{277.70}{1950}\times100=\frac{27770}{1950}$

Step3: Calculate result

$\frac{27770}{1950}\approx14.24$

Answer:

14.24%