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April 21, 2014

April 21, 2014

Posted by **Brian** on Monday, June 11, 2012 at 4:59pm.

- Finance -
**Ms. Sue**, Monday, June 11, 2012 at 5:05pm(4,000 * 5) - 15,000 = 5,000

I = prt

5,000 = 15,000 * r * 5

5,000 = 75,000 * r

100(5,000 / 75,000) = r

6.67% = r

- Finance -
**Brian**, Monday, June 11, 2012 at 5:40pmThis is not the answer that my professor gave in his solutions. He has an interest rate of 10.425% I know it is a present value annuity, just don't know how to set up and solve for the i, the unknown.

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