More Info A college student wishes to purchase a new car. In order to pay for the vehicle, the student borrows $13,000 from his parents today (beginning of the current year). Starting at the end of the current year, he must make 5 equal annual payments of $2,800 each. What interest rate is the student paying his parents? A finance professor wishes to invest $30,000 at the end of this year. He wants his investment to grow to $76,000 in 16 years. At what interest rate must the professor invest to reach his goal? a. b. 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 professor invest to reach his goal? Prin Done b. A finance professor wishes to invest $30,000 at the end of this year. He wants his investment to grow to $76,000 in 16 years. At what interest rate must the professor invest to reach his goal? (Round your answer to two decimal places. X.XX%) end of this y