Brief Exercise 6-3 Your answer is incorrect. Try again. Amy Willis will invest $28,000 today. She...
Brief Exercise 6-3
 |
|
 |
Your answer is incorrect. Try again. |
Amy Willis will invest $28,000 today. She needs $53,152 in 11
years.
Click here to view factor tables
What annual interest rate must she earn? (Round answer
to 0 decimal places, e.g. 7%.)
| Interest rate |
|
% |
Homework Answers
Interest rate is calculated using the RATE function as follows:-
=RATE(nper,pmt,pv,fv)
=RATE(11,,-28000,53152)
=6%
Where,
nper is number of periods
pv is present value or amount invested
fv is future value,
You can also calculate in a financial calculator by calculating for I/Y, punch in N=11, PV =-28000, FV =53152, the answer will be 6%
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