(or to 2003=46 years??), anyway:

20,000 × (1+i)^47 = 2,600,000 (i=interest rate)

Rearrange: 1+i = (2,600,000/20,000)^(1/47) = 1.10912

Therefore i = .10912 = 10.912%

Check: 20,000 × 1.10912^47 = 2,600,286

]]>20,000 INVESTED IN AGNESSA INVESTMENT GROWTH FUND IN 1957

WOULD BE WORTH $2.6 MILLION TODAY

What compound annual rate of return did the fund realize over the period ending December 31 last year?

For full marks your answer should be rounded to the nearest hundredth of a percent.