Answer:
37.02%
Explanation:
we need to calculate r in the following equation: FV = PV (1 + r)ⁿ
$600,000 = $10,000 (1 + r)¹³
$600,000 / $10,000 = (1 + r)¹³
60 = (1 + r)¹³
¹³√60 = 1 + r
1.3702 = 1 + r
r = 1.3702 - 1 = 0.3702 or 37.02%
*to determine ¹³√60 in a non-scientific calculator, find 60∧(1/13). Determine 1/13 first, add to the calculator's memory, then 60∧MR (memory recovery)