Show the equation for determining the rate of return

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Reference no: EM132160978

Question: You have just been elected into the "Society of Honorable Engineers." First-year dues are waived in honor of your election. Thus, your first-payment of $200 is due at the end of the year, and annual dues are expected to increase 3% annually. After 40 years you become a life member and no further dues are owed. Instead of paying annual dues, however, you can pay a one-time $2000 life membership fee.

(a) Show the equation for determining the rate of return for buying a life membership. Contributed by D. P. Loucks, Cornell University

(b) What is the rate of return?

Reference no: EM132160978

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