a. Nelson Nelson Co. wants to purchase a piece of heavy equipment in ten ten years for $1,215,082. The corporation currently has $1,100,000 to invest for this purpose. Determine the rate of return (assuming annual compounding) required to accumulate sufficient funds to acquire the equipment at the end of the ten ten-year period. (Use the present value and future value tables, a financial calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, X.XXXXX. Round your final answer to the nearest whole percent, X.%)

The interest rate is

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