Compute the interest rate at which $500 per month payments should grow to accumulate savings of $100,000 in 7 years. payments are made at the end of each month. (note: round your answer to two decimal places.) rate disc nominal effect a b 1 data description 2 nper 7 x 12 = 84 3 pmt 500 4 pv 0 5 fv 100,000 6 [type] 0 7 interest rate =effect(1.87%, b5) 8 = %

The interest rate=13.19%

Explanation:

Step 1: Calculate the present value of the investment

Present value=monthly payments×number of months in a year×number of years

where;

monthly payments=$500

number of months in a year=12

number of years=7

replacing;

Present value=(500×12×7)=42,000

Present value=$42,000

Step 2: Get interest rate

Using the formula below;

FV=PV(1+r)^n

where;

FV=future value of the investment=$100,000

PV=present value=$42,000

r=unknown

n=7

replacing;

100,000=42,000{(1+r)^7}

(100,000/42,000)=(1+r)^7

(100/42)^(1/7)=1+r

1.1319=1+r

r=1.1319-1

r=0.1319

The interest rate=0.1319×100=13.19%

The interest rate=13.19%

the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

mamie smith recorded the first commercially successful example of the urban blues,   with the recording of “crazy blues”."crazy blues" was recorded on august 10, 1920, in new york city. within a month of the release of “crazy blues” it had sold 75,000 copies.