What rate of interest will it need to pay off the plows

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Reference no: EM131863388

Oakwood Plowing Company purchased two new plows for the upcoming winter. In 200 days, Oakwood must make a single payment of $22,950 to pay for the plows. As of today, Oakwood has $22,500. Assume the Oakwood puts the money in a bank today, what rate of interest will it need to pay off the plows in 200 days? (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.)

Rate of Interest _________%

Reference no: EM131863388

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