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SteveS
SteveS, MBA
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Hello. On question b on (http //www.justanswer.com/questions/2994l-ass

Resolved Question:

Hello. On question b on (http://www.justanswer.com/questions/2994l-assume-planning-finance-childs#ixzz0XWXk2ZRo), what is the formula used in Excel to determine the answer of 12.8719%?
Submitted: 7 years ago.
Category: Homework
Expert:  SteveS replied 7 years ago.

HiCustomer

Here's the solution. The link will take you to an external site called Mediafire, where the Excel file is stored. Please download the file and save a copy locally on your computer. If you have any questions, please let me know. If you are satisfied with the answer, please remember to click the Accept button. Thanks.

Steve
Customer: replied 7 years ago.

I am running Excel 2003. Please help me with the solver.

 

Thanks,

Katrina

Expert:  SteveS replied 7 years ago.
THIS ANSWER IS LOCKED!

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Customer: replied 7 years ago.
I'm still confused on how the interest rate was determined. I am working on this practical exercise and want to know the logic behind it. If you can offer an explanation, that would be great. If not, I will ask my teacher Monday morning in class. Is there an Excel formula that calculates it instead of the graph you sent me?
Customer: replied 7 years ago.
Can someone provide me the formula to use in Excel to calculate the interest rate? The example provided me using the Solver in Excel did not help. I need the actual formula.