# Jones expects an immediate investment of $ 3 2 , 3 6 0 . 3 0 to

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## Question:

Jones expects an immediate investment of $$32,360\mathrm{.}30$ to return $$7,000$ annually for six years, with the first payment to be received one year from now. What rate of interest must Jones earn? $($PV of $$1,$ FV of $$1,$ PVA of $$1,$ and FVA of $$1)$

Note: Use appropriate factor$($s$)$ from the tables provided. Round "Table Factor" to $4$ decimal places.

$\backslash $table$[[$Present Value,,Annuity Payment,,Table Factor,Interest Rate$],[,,,,\%,]]$N