Statistics Solutions

(All Steps) You buy a $25,000 piece of equipment for nothing down at $5,500 per year for 6 years. What interest rate are you paying? The formula relating present

Question: You buy a $25,000 piece of equipment for nothing down at $5,500 per year for 6 years. What interest rate are you paying? The formula relating present worth P, annual payments A, number of years n, and interest rate I is:

\[A=P\frac{i{{\left( 1+i \right)}^{n}}}{{{\left( 1+i \right)}^{n}}-1}\]

use Roots: Bracketing Method to solve this.

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Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document


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