Question

Solve for the unknown interest rate in each of the following (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.): Present Value Years Interest Rate Future Value $ 320 3 % $ 384 440 17 1,411 47,000 18 234,893 46,261 20 438,339

Answer 1

Calculation of interest rate:

Present value	Years	Interest Rate	Future value
320	3	6.26%	384
440	17	7.09%	1,411
47,000	18	9.35%	234,893
46,261	20	11.90%	438,339

F.V = P.V (1+I)^n