Solving for r in compound interest you lend a friend 10000, Finance Basics

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Solving for r in compound interest you lend a friend 10000

Question: 1. (Solving for r in compound interest) You lend a friend $10,000, for which your friend will repay you $27,027 at the end of 5 years. What interest rate are you charging your "friend"?

2. (Present value comparison) You are offered $1,000 today, $10,000 in 12 years, or $25,000 in 25 years. Assuming that you can earn 11 percent on your money, which offer should you choose?

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Finance Basics: Solving for r in compound interest you lend a friend 10000

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