=RATE(nper,pmt,pv,fv,type,guess)

show this how to do

3: Suppose that you are planning to buy a boat in in 10 years [cell B3] for $100,000 [cell B2], and you deposit into your account the amount of $35,000 CAD [cell B1). B C 1 Present value 2 Future value 3 Years 4 5 Annual rate 6 (a) What average annually compounding rate of return (as a percentage, correct to 2 decimals) should you earn so you can accumulate the lump sum needed to achieve your goal (cell B5]? Use the RATE function. (Note: You might have to modify the format of cell B5 so that it shows 2 decimals) (b) What is the correct formula (using 18 characters or less) that should be placed in cell BS? Note: There are to be NO numbers in the function call (apart from a 0 if appropriate), only cell references, or negative cell references where appropriate. Ca) Answer correct to 2 decimals b)