Solve for the unknown interest rate in each of the following (Do not include the

Question

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



Present Value-------- Years----------- Interest Rate--------- Future Value
$715-----------------------6---------------------------------------------$1,381
905-------------------------7----------------------------------------------1,718
15,000---------------------18--------------------------------------------141,832
70,300---------------------21---------------------------------------------312,815

Explanation / Answer

715(1+r)^6 = 1381 => r =11.59% 905(1+r)^7 = 1718 => r= 9.58%

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