Answer:
Explanation:
Rate per period =15% = 15/12 monthly
Payment(PMT)=$1,000
Future amaount(FV)=$2,000,000
N(years)=?
If input this data into fin calculator, n= 262.27months=262.27/12years=21.86years
Answer:
6.97%
Explanation:
the formula to be used is
The formula for calculating future value:
FV = P (1 + r)^n
FV = Future value
P = Present value
R = interest rate
N = number of years
$4,100.00 = $3,350.00 x ( 1 + r)^3
divide both sides of the equation by $3,350.00
$4,100.00 / $3,350.00 = ( 1 + r)^3
1.223881 = ( 1 + r)^3
find the cube root of both sides
1.069661 = 1 + r
r = 6.97%
Internal data is from within the company, like operations and sales figures. External data comes from looking at the market, such as consumer trends, and marketing research. It is important to consider external data because it gives companies a better picture of their customers and competitors.
