Answer:
Investment G = 15.06%
Investment H = 13.12%
Explanation:
The future value of an investment with P = $59,000 for 't' years at an interest rate 'r' is given by:
[tex]FV = P*(1+r)^t[/tex]
Investment G:
FV = $119,000
t = 5 years
[tex]119,000 = 59,000*(1+r)^5\\\sqrt[5]{\frac{119,000}{59,000}} =(1+r)\\r= 1.1506-1 = 0.1506 = 15.06\%[/tex]
Investment H:
FV = $179,000
t = 9 years
[tex]179,000 = 59,000*(1+r)^9\\\sqrt[9]{\frac{179,000}{59,000}}=(1+r)\\r= 1.1312-1 = 0.1312 = 13.12\%[/tex]
