Joanne Quick made an investment of $19,202.55. From this investment, she will receive $3,100 annually for the next 12 years starting one year from now. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What rate of interest will Joannes investment be earning for her? (Hint: Use Present value of an annuity factor table.) (Round answer to 0 decimal places, e.g. 25%.)

Rate of interest

%

Kevin Morales invests $14,390.53 now for a series of $2,600 annual returns beginning one year from now. Kevin will earn a return of 9% on the initial investment.

Number of annual payments: