What rate of interest will it need to pay off

Reference no: EM13190332

Oakwood Plowing Company purchased two new plows for the upcoming winter. In 210 days, Oakwood must make a single payment of $25,170 to pay for the plows. As of today, Oakwood has $24,400.

Assume the Oakwood puts the money in a bank today, what rate of interest will it need to pay off the plows in 210 days (assume 360 days)? (Do not round intermediate calculations. Round your answer to one decimal place. Omit the "%" sign in your response.)

Reference no: EM13190332

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