Oakwood Plowing Company purchased two new plows for the upcoming winter. In 200 days, Oakwood must make a single payment of $22,140 to pay for the plows. As of today, Oakwood has $21,600. Assume the Oakwood puts the money in a bank today, what rate of interest will it need to pay off the plows in 200 days? Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent. Rate of Interest %

Oakwood Plowing Company purchased two new plows for the upcoming winter. In 200 days, Oakwood must make a single payment of $22,140 to pay for the plows. As of today, Oakwood has $21,600. Assume the Oakwood puts the money in a bank today, what rate of interest will it need to pay off the plows in 200 days? Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent. Rate of Interest %

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 30P

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