6.Novak Company purchased a machine at a price of $96,200 by signing a note payable, which requires a single payment of $135.154 in 3 years. Assuming annual compounding of interest, what rate of interest is being paid on the loan?

8. Leon Bowie is trying to determine the amount to set aside so that he will have enough money on hand in 6 years to overhaul the engine on his vintage used car. While there is some uncertainty about the cost of engine overhauls in 6 years, by conducting some research online, Leon has developed the following estimates. How much should Leon Bowie deposit today in an account earning 6%, compounded annually, so that he will have enough hand in 6 years to pay for the overhaul?

19. To solve for the unknown future value of a known single sum of money, that is invested now for a certain number of periods

interest rate, you should: O Accumulate all cash flows to a future point.

Discount all cash flows from the future to the present.

O Divide the cash flows into both future and present points and discount accordingly.

None of these answer choices are correct.