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E Derek decides to buy a new car. The dealership offers him a choice of paying $574.00 per month for 5 years (with the
E Derek decides to buy a new car. The dealership offers him a choice of paying $574.00 per month for 5 years (with the first payment due next month) or paying some $28,007.00 today. He can borrow money from his bank to buy the car. What interest rate makes him indifferent between the two options? Submit Answer format: Percentage Round to: 3 decimal places (Example: 9.243 %, % sign required. Will accept decimal format rounded to 5 decimal places (ex: 0.09243)) 12 Derek wants to withdraw $14,966.00 from his account 3.00 years from today and $13,123.00 from his account 14.00 years from today. He currently has $2,601.00 in the account. How much must he deposit each year for the next 14.0 years? Assume a 6.21% interest rate. His account must equal zero by year 14.0 but may be negative prior to that. Submit Answer format: Currency: Round to: 2 decimal places.
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