Jones expects an immediate investment of $91,461.30 to return $21,000 annually for six years, with the first payment to be received one year from now. What rate of interest must Jones earn? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.) Present Value $ 91,461.30 Annuity Payment Table Factor Interest Rate %

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Jones expects an immediate investment of $91,461.30 to return $21,000 annually for six years, with the first payment to be
received one year from now. What rate of interest must Jones earn? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate
factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.)
Present Value
91,461.30
$
Annuity Payment Table Factor Interest Rate
=
%
Transcribed Image Text:Jones expects an immediate investment of $91,461.30 to return $21,000 annually for six years, with the first payment to be received one year from now. What rate of interest must Jones earn? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.) Present Value 91,461.30 $ Annuity Payment Table Factor Interest Rate = %
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