Answer:
the rate of interest is 11.7453%
Step-by-step explanation:
Given that
The present value is € 45,000
The Future value is €52,500
Time period 1 year, 4 months and 20 days i.e. 1.38809 years
We need to find out the interest rate
Here we apply the RATE formula in the spreadsheet
The formula is
= RATE(NPER;PMT;-PV;FV;TYPE)
The PMT would be zero
After applying the above formula, the rate of interest is 11.7453%
