Calculate interest rate necessary to fund this account

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Reference no: EM131848065

A geometrically increasing series of 15 end of year payments is deposited to fund an account. The first payment is $100,000, the geometric factor is 3%. The account will produce 30 consecutive annual payments of $500,000 starting at the end of year 16. Calculate the interest rate necessary to fund this account.

Reference no: EM131848065

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