Answer:
14.89%
Step-by-step explanation:
Present value: $1,000
Future value: $2,300
Tenor = 6 years
FV = PV * (1+ rate) ^tenor
⇔2,300 = 1,000 * (1 + rate) ^6
⇔(1+rate)^6 = 2300/1000 = 2.3
⇔ 1+ rate = 2.3^(1/6) = 1.1489
=> Rate = 1.1489-1 =0.1489 = 14.89%