Use technology and the future value formula to find i. FV=​$7,426​; PMT=​$600​; n=9​; i=​?

Question

Use technology and the future value formula to find i.

FV=​$7,426​; PMT=​$600​; n=9​; i=​?

i=________

​(Round to two decimal places as​ needed.)

Answer 1

I used TI-84: APPS m enu, 1-Finance, 1 - TVM Solver:

N = 9

I% = 7.786256423

PV = 0

PMT = -600

PV = 0

FV=7426

P/Y = 1

C/Y = 1

Then you press ALPHA, ENTER and we get this value for i