Two independent situations follow. Interest is compounded annually. Requirement Solve for the appropriate interest rate using financial calculator or a spreadsheet. a. 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 five equal annual payments of $2, 800 each What interest rate is the student paying his parents? (XXX%) The interest rate is % b. A finance professor wishes to invest $120,000 at the end of this year He wants his investment to grow to $289,000 in 13 years At what interest rate must the professor invest to reach his goal? (, XXX%) The interest rate is %