Oriole Enterprises would like to have $970,000 saved up in 12 years to fund equipment and building upgrades. If Oriole invests $183,000 today and commits to depositing $53,100 at the end of each of the next 12 years, what annual interest rate must the fund earn to reach $970,000? (Do not round intermediate calculations. Round final answer to 2 decimal places, e.g. 15.25%.) Annual interest rate 2 %

Oriole Enterprises would like to have $970,000 saved up in 12 years to fund equipment and building upgrades. If Oriole invests $183,000 today and commits to depositing $53,100 at the end of each of the next 12 years, what annual interest rate must the fund earn to reach $970,000? (Do not round intermediate calculations. Round final answer to 2 decimal places, e.g. 15.25%.) Annual interest rate 2 %

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 10RE: If 90,000 is invested in a fund on December 31, 2019, and 5 equal annual withdrawals of 23,138.32...

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