Find the interest rate for A and B

40f 6 (3 complete) HW Score: 36.11%, 2 1 7 of 6 Score: 0 of 1 pt EQuestion Help E7-10 (similar to) Two independent situations follow. Interest is compounded annually (Cick the icon to view the situations.) Solve for the appropriate interest rate using a financial calculator or a spreadsheet a. A college student wishes to purchase a new car. In order to pay for the vehicle, the student borrows $18,000 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 $2.400 each. What interest rate is the student paying his parents? (Round your answer to two deomal places. XXX%) More Info The interest rate is 41% a. A college student wishes to purchase a new car. In order to pay for the vehicle, the student borrowS $18,000 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 $2,400 each. What interest rate is the student paying his parents? A fnance professor wishes to invest $90,000 at the end of this year. wants his investment to grow to $171,000 in 11 years. At what interest rate must the professor invest to reach his goal? b. He a. A college student wishes to purchase a new car. In order to pay for the vehicle, he borrows $15,000 from his parents today (beginning of the current year). Starting at the end of the current year, he must make 15 equal annual payments of $1.200 each. What interest rate is the student paying his parents? b. A finance professor wishes to invest $50,000 at the end of this year. He wants his investment to grow to $200,000 in 20 years. At what interest rate must the Enter any number in the edit fiekds and then click Chec 1 professor invest to reach his goal? 2 part ning Print Done