Answer: 6.94%
Explanation:
You can use an Excel worksheet to solve for this:
Number of periods = 30
Payment = 15,000 (should be a negative number)
Present value = 0
Future value = 1,500,000
Type = 1 (this shows that it is an annuity due because payments are at the beginning of the year).
Rate = 6.94%
<span>This type of advertising is called institutional advertising. Basically, this form of advertising is a method that is used to promote a brand, company, business, organization, institution, or any other type of similar entity without directly attempting to sell something. The California Raisins were simply a method of representation that was entertaining, causing people to associate them with raisins.</span>
