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Oakwood Plowing Company purchased two new plows for the upcoming winter. In 200 days, Oakwood must make a single payment of $22,140 to pay for the plows. As of today, Oakwood has $21,600. Assume the Oakwood puts the money in a bank today, what rate of interest will it need to pay off the plows in 200 days? Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent. Rate of Interest %

Oakwood Plowing Company purchased two new plows for the upcoming winter. In 200 days, Oakwood must make a single payment of $22,140 to pay for the plows. As of today, Oakwood has $21,600. Assume the Oakwood puts the money in a bank today, what rate of interest will it need to pay off the plows in 200 days? Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent. Rate of Interest %

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Oakwood Plowing Company purchased two new plows for the upcoming winter. In 200 days, Oakwood must make a single payment of $22,140 to pay for the plows. As of today, Oakwood has $21,600. Assume the Oakwood puts the money in a bank today, what rate of interest will it need to pay off the plows in 200 days? Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent. Rate of Interest
Transcribed Image Text:Oakwood Plowing Company purchased two new plows for the upcoming winter. In 200 days, Oakwood must make a single payment of $22,140 to pay for the plows. As of today, Oakwood has $21,600. Assume the Oakwood puts the money in a bank today, what rate of interest will it need to pay off the plows in 200 days? Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent. Rate of Interest
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