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Stacy Willis will invest $28,000 today
Stacy Willis will invest $28,000 today. She needs $53,152 in 11 years.
What annual interest rate must she earn? (Round answer to 0 decimal places, e.g. 7%.)
Interest rate
enter Interest rate in percentages rounded to 0 decimal places
%
Expert Solution
Computation of Interest Rate using Rate Function in Excel:
=rate(nper,pmt,-pv,fv)
Here,
Rate = Interest Rate = ?
Nper = 11 Years
PMT = 0
PV = $28,000
FV = $53,152
Substituting the values in formula:
=rate(11,0,-28000,53152)
Rate or Interest Rate = 6%
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