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3) Using Excel to calculate the following implicit interest rates for these notes. Used good profession style that I illustrated in the Session 2 Tutorial

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3) Using Excel to calculate the following implicit interest rates for these notes. Used good profession style that I illustrated in the Session 2 Tutorial for the PV function and illustrate in the RATE Tutorial attached to the Session 3 Module. a) Use the Excel RATE function to calculate the implicit interest rate for a zero interest note that was sold for $550 and that will pay out $1,100 in 5 years. b) Use the RATE function in Excel to calculate the effective interest rate for a note with a stated rate of 5% interest note that was sold for $895; will pay out $1,500 in 5 years; and pays interest annually

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