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Bootlegteen47
Jan 19, 2008, 07:08 AM
I NEED HELP WITH A COLLEGE ACCOUNTING PROBLEM. I ALSO NEED HELP USING THE FINANCIAL CALCULATOR BECAUSE I DON'T THINK I'M PRESSING THE RIGHT BUTTONS:

QUESTION: An investor expects the value of a $1,000 investment to double within 8 years. What is the expected annual rate of growth in the investment?

What I did on financial calculator: FV=$2,000 (I doubled the investment). PV=$1,000
N=8. Then I hit I/Y and CPT and got 8.00.

I really don't think that it's right. Please help (I may be pressing the buttons wrong on the calculator).

thanks.