Compute the annual interest rate

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Reference no: EM131012564

A City Tech student purchased a new 3D 4K HDTV on Cyber Monday that was selling for $3,500. He signed a financing deal to make a down-payment of $1,000 and then to make 24 monthly payments of $150, beginning one month from the time of purchase. Use a root solver (either the built-in R uniroot () function or your own implementation of the bisection or the secant method) to compute the annual interest rate r with.monthly compounding being paid by the student.

Reference no: EM131012564

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