8. Implied interest rate and period Aa Aa Consider the case of the following annuities, and the need to compute either their expected rate of return or duration Ryan need ed money for some unexpected expenses, so he borrowed $4,636.98 from a friend and agreed to repay the loan in four equal instaliments of $1,400 at the end of each year. The agreement is offering an implied interest rate of Ryan's friend, Sebastian, wants to go to business school. While his father will share some of the expenses, Sebastian still needs to put in the rest on his own. But Sebastian has no money saved for it yet. According to his calculations, it will cost him $22,27 to complete the business program, including tuition, cost of living, and other expenses. He has decided to deposit $4,800 at the end of every year in a mutual fund, from which he expects to earn a fixed 10% rate of return. It will take approximately school. years for Sebastian to save enough money to go to business