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Find the interest rate that an ordinary annuity pays, if the annuity pays $202 per month with its first payment in 5 years and one
Find the interest rate that an ordinary annuity pays, if the annuity pays $202 per month with its first payment in 5 years and one month from today and its last payment 14 years from today. The value of the annuity at the end of year 5 is $7,913.
Answer Format: INCLUDE ONLY NUMBERS AND DECIMALS IN YOUR ANSWER. Do not include "$" "," or any other formatting. Carry interim computations to at least 4 decimals.
Enter percentage answers as a positive percentage % rounded to 2 decimal places. For example 0.123456 should be enter as: 12.35 (##.##)
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