Ametek Technical & Industrial Products (ATIP)

manufactures brushless blowers for boilers, foodservice equipment, and fuel cells. The company borrowed $17,000,000 for a plant expansion and repaid the loan in eight annual payments of

$2,737,680, with the first payment made one year after the company received the money. What interest rate did ATIP pay? Develop the answer using

(a) tabulated factor values,

(b) a financial calculator, and

(c) spreadsheet functions.