Solve for the unknown interest rate in each of the following (Do not round intermediate calculations and round your final answers to 2 decimal places. (e. g., 32.16)):

Present Value Years Interest Rate Future Value

$ 330 4 % $ 422

450 18 1,571

48,000 19 266,917

47,261 25 803,425

6.34%

7.19%

9.45%

12.00%

Explanation:

FV = PV * (1+rate) ^tenor

-> Rate = (FV/PV) ^ (1/tenor) - 1

PV: $330; tenor: 4 year; FV: $422

-> Rate = (422/330) ^ (1/4) - 1 = 6.34%

PV: $450; tenor: 18 year; FV: $1,571

-> Rate = (1571/450) ^ (1/18) - 1 = 7.19%

PV: $48,000; tenor: 19 year; FV: $266,917

-> Rate = (266917/48000) ^ (1/19) - 1 = 9.45%

PV: $47,261; tenor: 25 years; FV: $803,425

-> Rate = (803425/47261) ^ (1/25) - 1 = 12.00%