Find the interest rate per compound period Principal: 50,000 Future Value: 144,860 Term: 2.5 years interest compounded: Monthly find the interest rate per period

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
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Find the interest rate per compound period

Principal: 50,000

Future Value: 144,860

Term: 2.5 years

interest compounded: Monthly

find the interest rate per period

 

Please show the step by step solution (so that I can understand how the rate was computed)

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