Bill Padley expects to invest $21,000 for 5 years, after which he wants to receive $28,102.20. What rate of interest mu...

Question

Question

Bill Padley expects to invest $21,000 for 5 years, after which he wants to receive $28,102.20. What rate of interest must Pad

business accounting

Answer 1

Answer #1

From Table values

Future Value 28102.2 / Present value = 21000 = Table Factor Interes Rate 1.3382 6%

Answer 2

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