Asked by Libby Craig on May 13, 2024
Verified
Kristina was earning $10.00 an hour four years ago. Today, she earns $13.50 an hour. At what equivalent compound annual rate has her salary grown over the four years?
Compound Annual Rate
The rate of return that would be required for an investment to grow from its beginning balance to its ending one with the compounding effect considered over a period of one year.
- Assess the interval needed for an investment to amplify to a target sum across different compounding periods.
Verified Answer
TT
Learning Objectives
- Assess the interval needed for an investment to amplify to a target sum across different compounding periods.