Continued from #2Suppose Michael needed to save $250,000 in 15 years, and he waslooking at various combinations in his investment plan, such asgetting a higher interest rate r; increasing the amoun 1. A small business took out a loan of \( \$ 50,000 \) four years ago, and paid it back today with \( \$ 80,611 \cdot 30 \). How much is the annual interest rate applied to this loan if it was compoun 1 answer