Exercise B-7 Interest rate on an investment LO P3

Jones expects an immediate investment of $48,684.00 to return $10,000 annually for seven years, with the first payment to be received one year from now. What rate of interest must Jones earn? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimals.)

Present value		Annuity payment		Table Factor	Interest Rate
			=			%