Roger has just lost a lawsuit and has agreed to make equal annual payments of $18,300...
Roger has just lost a lawsuit and has agreed to make equal annual payments of $18,300 for the next 5 years with the first payment due today. The value of this liability today is $77,000. What is the interest rate on the payments?
Homework Answers
NPER= number of payments = 5
PMT = Annual payment = $18300
PV = present value = $77,000
FV = Future value = 0
Beginning= type= 1
I/Y = rate = ?
Interest rate 9.45%
_____________________________________
Excel function:
=Rate(5,-18300,77000,0,1)
= 9.45%
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