Old MathJax webview

Two independent situations follow. (Click the icon to view the situations.) Requirement Solve for the appropriate variable. (Click the icon to view the Future Value of $1 table.) (Click the icon to view the Future Value of an Ordinary Annuity table.) (Click the icon to view the Future Value of an Annuity Due table.) (Click the icon to view the Present Value of $1 table.) (Click the icon to view the Present Value of an Ordinary Annuity table.) (Click the icon to view the Present Value of an Annuity Due table.) a. Norman Co. wants to purchase a piece of heavy equipment in seven years for $1,266,390. The corporation currently has $900,000 to invest for this purpose. Determine the rate of return (assuming annual compounding) required to accumulate sufficient funds to acquire the equipment at the end of the seven-year period. (Use the present value and future value tables, a financial calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, X.XXXXX. Round your final answer to the nearest whole percent, X.%) The interest rate is %