Patrick makes payments of $250 per month at the end of each month. At the end of 10 years, he wants to have $50,000. What annual interest rate would he need in order to make that happen?

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
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Patrick makes payments of $250 per month at the end of each month. At the end of 10 years, he wants to have $50,000. What annual interest rate would he need in order to make that happen? 

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what is the equation to get the 0.007984 monthly rate.

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