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Determining the effective interest rate

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Your rich uncle has just offered you to make you wealthy! For every amount you save in an insured bank account during the next 10 years, he will give you the total amount (excluding interest) that you saved to match it. Because your modest income permits you to save P2,000 per month for the next 10 years, your uncle will be willing to give you 240,000 at the end of the 10th year. If you desire a total of P1,00,000 10 years from now, what effective interest rate would you have to earn on your insured bank account to make your goal possible?

Reference no: EM132630983

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