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It is now January 1, 2018, and you will need $1,000 on January 1,2022, in 4 years. Suppose you can deposit only $200 each January

It is now January 1, 2018, and you will need $1,000 on January 1,2022, in 4 years.

Suppose you can deposit only $200 each January 1 from 2019 through 2022 (4 years). What interest rate, with annual compounding, must you earn to end up with $1,000 on January 1, 2022?(without using financial calculator)

Ans : 15.09%.

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