e 8,000, and 4 6,000s.   1) The manager has decided to purchase a new $30,000 mixing machine. The machine may be paid for in one of two ways:

Can you show me how to solve for the interest rate because I did r^15=29100-5000 and got r=0.95. I'm missing a step I believe from the 8,000, and 4 6,000s.

1) The manager has decided to purchase a new $30,000 mixing machine. The machine may be paid for in one of two ways:

1. Pay the full price now minus a 3% discount

2. Pay $5,000 now; at the end of one year pay $8,000; at the end of the next four years pay $6,000;

What is the interest rate where these two payment schedules are equivalent?