Michael invested \$2,000 12 years ago. Michael's friend, Lisa also...

Question

# Michael invested \$2,000 12 years ago. Michael's friend, Lisa also...

Michael invested \$2,000 12 years ago. Michael's friend, Lisa also invested \$4,000 6 years ago. Today, both Michael's and Lisa's investments are each worth \$9,700. Assume that both Michael and Lisa are earning their rates of returns, what should the average annual interest rate be earned by Lisa? Is it higher or lower than the return earned by Michael? Justify the answer with calculations and reasoning both.

Solved by verified expert

sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis

sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem i

10,000 step-by-step explanations

<p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis</p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem i

## Step-by-step explanation

sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fus

sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor

sectetur

sectetur

sectetur

sectetur a

sectetur adipiscing elit. Nam lacinia pulvinar to

sesectet

secte

sectetur

sectetur

sectetur

sectetur adipiscing elit. Nam lacinia pulvinar to

sesectet

se

sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesq

se

sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum