a. A college student wishes to purchase a new car. In order to pay for the vehicle, the student borrows $17,000 from his parents today (beginning of the current year). Starting at the end of the current year, he must make 9 equal annual payments of $2,300 each. What interest rate is the student paying his parents? (Round your answer to two decimal places, X.XX%)

The interest rate is

?

%.

B. A finance professor wishes to invest $50,000 at the end of this year. He wants his investment to grow to $94,000 in 10years. At what interest rate must the professor invest to reach his goal? (Round your answer to two decimal places, X.XX%)

The interest rate is

?

%.