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A person makes annual deposits of $1,000 into an ordinary annuity. After 20 years, the annuity is worth $55,000. What annual compound rate has this
A person makes annual deposits of $1,000 into an ordinary annuity. After 20 years, the annuity is worth $55,000. What annual compound rate has this annuity earned during this 20-year period? Express the answer as a percentage, correct to two decimal places. how to calculate this on a non graphical calculator. show steps. the answer should be 9.64%
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