Answer:
7.18%
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 × 105% = 1,050
Assuming figure - Future value or Face value = $1,000
PMT = 1,000 × 7.6% ÷ 2 = $28
NPER = 30 years - 2 years = 28 years × 2 = 56 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 7.18%
