Some money in my savings account

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Reference no: EM131867733

The year is 2016. I have some money in my savings account that pays 11% interest per year. I am planning to buy a car for $8,500 in 2018. If I had only $6,000 in my account right now, what interest rate should my savings account pay me so that I can afford the car? In other words, what is r? Please show work.

Reference no: EM131867733

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