Engineering Economy – Problem 1.9
RKI Instruments borrowed $3,500,000 from a private equity firm for the expansion of its manufacturing
facility for making carbon monoxide monitors/ controllers. The company repaid the loan after
1 year with a single payment of $3,885,000. What was the interest rate on the loan?
Sample problems and notes are based on the following textbook: Engineering Economy 7th Edition
ISBN-13: 978-0073376301
ISBN-10: 0073376302
Edition: 7
Author: Leland Blank, Anthony Tarquin
Published Date: 2011