Problem
The Engineering Building at State University needs $500K worth of repair and renovation. The state cannot afford these repairs in the near future. If the repairs are not performed, the building will require replacement in 8 years. The building will cost $2.8M to replace. Determine the implied interest rate for forgoing the repairs.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.