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

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Finance

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
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

Present Value	Years	Interest Rate	Future Value
$ 240	2		$ 297
360	10		1080
39,000	15		185,382
38,261	30		531,618