Answer:
8.09%
Explanation:
In this question, we use the Rate formula which is shown in the spreadsheet.
The NPER represents the time period.
Given that,
Present value = $1,000 × 98.27% = $982.70
Assuming figure - Future value or Face value = $1,000
PMT = 1,000 × 7.5% = $75
NPER = 3.5 years
The formula is shown below:
= Rate(NPER,PMT,-PV,FV,type)
The present value come in negative
So, after solving this, the answer would be 8.09%
