Answer:
c. 10.49%
Explanation:
In this question, we use the Rate formula which is shown in the spreadsheet.
The NPER represents the time period.
Given that,
Present value = $964
Assuming figure - Future value or Face value = $1,000
PMT = 1,000 × 10% = $100
NPER = 15 years
The formula is shown below:
= Rate(NPER;PMT;-PV;FV;type)
The present value come in negative
So, after solving this, the answer is 10.49%
