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Solve the unknown interest rate.  Do not round intermediate calculations and round your final answer to 2...

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Question

Finance

  1. Solve the unknown interest rate.  Do not roundintermediate calculations and round your final answer to 2 decimalplaces.

Present Value

Years

Interest Rate

Future Value

$         240

2

$        297

           360

10

        1080

  1. 39,000

15

   185,382

     38,261

30

   531,618

The interest rate is calculating as per the formula FV =PV*(1+r) ^n

b.Solve the unknown number of years.  Do not roundintermediate calculations and round your final answer to 2 decimalplaces.

Present Value

Years

Interest Rate

Future Value

$       560

9%

$     1,284

         810

10

        4,341

    18,400

15

    364,518

    21,500

17

    173.439

Answer & Explanation Solved by verified expert
4.5 Ratings (572 Votes)
a1Information provided Present value 240 Time 2 years Future value 297 The interest rate is calculated by entering the below in a financial calculator PV 240 N2 FV 297 Press the CPT key and IY to compute the interest rate The value obtained is 1124 Therefore the interest rate is 1124 2 Information provided Present value 360 Time 10 years Future value 1080 The interest rate is calculated by entering the below in a financial calculator PV 360 N10 FV 1080 Press the CPT key and IY to    See Answer
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Transcribed Image Text

Solve the unknown interest rate.  Do not roundintermediate calculations and round your final answer to 2 decimalplaces.Present ValueYearsInterest RateFuture Value$         2402$        297           36010        108039,00015   185,382     38,26130   531,618The interest rate is calculating as per the formula FV =PV*(1+r) ^nb.Solve the unknown number of years.  Do not roundintermediate calculations and round your final answer to 2 decimalplaces.Present ValueYearsInterest RateFuture Value$       5609%$     1,284         81010        4,341    18,40015    364,518    21,50017    173.439

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