Business, 02.10.2019 17:20 paul1963

Jacob needed money for some unexpected expenses, so he borrowed $5,890.25 from a friend and agreed to repay the loan in seven equal installments of $1,250 at the end of each year. the agreement is offering an implied interest rate of:

a) 14.85%

b) 9.57%

c) 11.00%

d) 12.98%

jacob's friend wilson, has hired a financial planner for advice on retirement. considering wilson's current expenses and expected future lifestyle chnages, the financial planner has stated that once wislon crosses a threshold of $8,452,622 in savings, he will have enough money for retirement. wilson has nothing saved for his retirement yet, so he plans to start depositing $40,000 in a retirement fund at a fixed rate of 11.00% at the end of each year. it will take years for wilson to reach his retirement goal.

a) 30.55 years

b) 41.24 years

c) 38.19 years

d) 25.97 years

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