Lang Warehouses borrowed $157,000 from a bank and signed a note requiring 2 annual payments of $85,034 beginning one year from the date of the agreement. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required:

Determine the interest rate implicit in this agreement.

Using the PVA of $1 chart, solve for i.
Present value:
n =
i =
Annuity payment