Your need to repay a loan with a future value of $304,071.00 in 18.5 years.If you can make annual year-end deposits of $11,000 into an account,what annual rate of return would you require to earn enough money to pay the loan in full at the due date?
A)7.92%
B)8.73%
C)4.16%
D)4.39%

Question

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The Answer of Your need to repay a loan with a future value of $304,071.00 in 18.5 years.If you can make annual year-end deposits of $11,000 into an account,what annual rate of return would you require to earn enough money to pay the loan in full at the due date?
A)7.92%
B)8.73%
C)4.16%
D)4.39%

Your Need to Repay a Loan with a Future Value