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Finding the effective annual rate

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Finding the effective annual rate (I/Y) with the following information given:

PV = 9,800,000

PMT = 690,000

N = 10

FV = 10,000,000

Using Excel, the formula is "=RATE(10,-690,000, 9,800,000, -10,000,000)". I understand by using excel, the answer for finding the effective annual rate (I/Y) will be 7.19.

If it is manually calculate out, which is the time value of money formula to use to arrive at the answer of 7.19 for the effective annual rate (I/Y)? Is it using the present value of ordinary annuity formula? Would you mind to show how to get the interest rate (I/Y) of 7.19? Thank you and greatly appreciate.

Reference no: EM132383956

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