What’s the interest rate of a 10-year, annual $3,200 annuity with present value of $20,000? (Use...

What’s the interest rate of a 10-year, annual $3,200 annuity with present value of $20,000? (Use a time value of money calculator or a spreadsheet. Round your answer to 2 decimal places.)

PVIFA(x% , 6 years) = 20,000/3,200

x = ?

Expert Solution

Hence, Interest rate is 9.61%

jeff jeffy answered 2 years ago

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