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Compute the annual interest rate

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Question 1: Compute the annual interest rate (%) and round to 4 decimal places given the information below. Can you please show how to arrive at the answer with calculations so that can learn how to do it?

N = 30 years, quarterly payments

Interest rate compounded quarterly

PV = 1,200,000

PMT = -110,000

FV = 0

=?

The assignment gives this example with the answer:

N = 20 years, monthly payments (P/Y=12)

Interest rate compounded monthly (C/Y=12)

PV = 56,000

PMT = -440

FV = 0

= 7.1730

Reference no: EM132482754

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