Find the interest rate implied by the following combinations of present and future values: (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.)
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| a. | ||
| Interest rate | =rate(nper,pmt,pv,fv) | |
| = 5.01% | ||
| Where, | ||
| nper | = | 12 |
| pmt | = | 0 |
| pv | = | $ -340 |
| fv | = | $ 611 |
| b. | ||
| Interest rate | =rate(nper,pmt,pv,fv) | |
| = 8.02% | ||
| Where, | ||
| nper | = | 5 |
| pmt | = | 0 |
| pv | = | $ -153 |
| fv | = | $ 225 |
| c. | ||
| Interest rate | =rate(nper,pmt,pv,fv) | |
| = 0.00% | ||
| Where, | ||
| nper | = | 8 |
| pmt | = | 0 |
| pv | = | $ -240 |
| fv | = | $ 240 |
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