Exercise 5-24 (Static) Solving for unknown interest rate; installment notes [LO5-9, LO5-10] Big Warehouses borrowed $100,000 from a bank and signed a note requiring 20 annual payments of $13,388 beginning one year from the date of the agreement. Required: Determine the interest rate implicit in this agreement. Note: Use tables, Excel, or a financial calculator. Round percentage answer to one decimal place. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Solve for i Present value: Annuity payment n = i=

Exercise 524 (Static) Solving for unknown interest rate; installment notes [LO5-9, LO5-10] Big Warehouses borrowed $100,000 from a bank and signed a note requiring 20 annual payments of $13,388 beginning one year from the date of the agreement. Required: Determine the interest rate implicit in this agreement Note: Use tables, Excel, or a financial calculator. Round percentage answer to one decimal place. (FV of \$1, PV of S1, FVA of \$1, PVA of \$1, FVAD of \$1 and PVAD of \$1)