Problem 4-4 Calculating Interest Rates [LO 3] Solve for the unknown interest rat

Question

Problem 4-4 Calculating Interest Rates [LO 3]

Solve for the unknown interest rate in each of the following (Enter rounded answers as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16)):

Solve for the unknown interest rate in each of the following (Enter rounded answers as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16)):

Explanation / Answer

1. using financial calculater, enter PV = 745, N = 4, Fv = 1441 and press I key, interest rate will be 17.93%.

2. using financial calculater, enter PV = 935, N = 5, Fv = 1778 and press I key, interest rate will be 13.72%.

3. using financial calculater, enter PV = 18000, N = 16, Fv = 144832 and press I key, interest rate will be 13.92%.

4. using financial calculater, enter PV = 73300, N = 19, Fv = 318815 and press I key, interest rate will be 8.04%.

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