Question: Brief Exercise 5-5 (Static) Future value; solving for unknown; single amount [LO5-4] Suppose a husband wants to take his wife on a trip three years

Brief Exercise 5-5 (Static) Future value; solving for unknown; single amount [LO5-4] Suppose a husband wants to take his wife on a trip three years from now to Europe to celebrate their 40th anniversary. He has just received a $20,000 inheritance from an uncle and intends to invest it for the trip. The husband estimates the trip will cost $26,600. What interest rate, compounded annually, must be earned to accumulate enough to pay for the trip? Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 )

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