Question: Hello. Please answer this question using Excel. This is financial modelling with excel. Kindly show the formulas you used as well. Thanks! (10%) Mr. Richard

Hello. Please answer this question using Excel. This is financial modelling with excel. Kindly show the formulas you used as well. Thanks!

(10%) Mr. Richard needs a new piece of equipment in five years and by his calculation the particular model he wants to buy will cost him $30,000. He currently has no savings set aside for the equipment but has decided to save $450 every month, starting from today, for the next 5 years (60 total deposits). If he puts monthly savings into an account that pays an APR with monthly compounding, what must the APR be for him to have $30,000 in 5 years?

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