A sum of $1,000 was paid for a college fund upon birth. At the person’s 20th Bday, the value grew to $3,361.85. How would you calculate what the average annueal rate of return was on this college fund?

A sum of $1,000 was paid for a college fund upon birth. At the person’s 20th Bday, the value grew to $3,361.85. How would you calculate what the average annueal rate of return was on this college fund?

A sum of $1,000 was paid for a college fund upon birth. At the person’s 20th Bday, the value grew to $3,361.85. How would you calculate what the average annueal rate of return was on this college fund?