Assume that you lend $13,647 to a small startup firm that promises to pay a fixed rate for 18 years with no anticipated liquidation. You realize that if you move forward with this investment, you will reach $45,863 which is exactly what you need to buy a new car. What is the rate that the startup is offering? "Round your answer to the nearest three decimals. *Type your answer as percentage as not as decimal (l.e. 5.02 and not 0.0502). Do not type the % symbol.
Assume that you lend $13,647 to a small startup firm that promises to pay a fixed rate for 18 years with no anticipated liquidation. You realize that if you move forward with this investment, you will reach $45,863 which is exactly what you need to buy a new car. What is the rate that the startup is offering? "Round your answer to the nearest three decimals. *Type your answer as percentage as not as decimal (l.e. 5.02 and not 0.0502). Do not type the % symbol.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Assume that you lend $13,647 to a small startup firm that promises to pay a fixed rate for 18 years with no
anticipated liquidation. You realize that if you move forward with this investment, you will reach $45,863 which is
exactly what you need to buy a new car. What is the rate that the startup is offering?
"Round your answer to the nearest three decimals.
"Type your answer as percentage as not as decimal (i.e. 5.02 and not 0.0502). Do not type the % symbol.
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spreadsheet. You can use this blank spreadsheet to calculate the answer.
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