Question
Joanne Quick made an investment of $23,016.97. From this investment, she will receive $2,600 annually for the next 13 years starting one year from now.
Joanne Quick made an investment of $23,016.97. From this investment, she will receive $2,600 annually for the next 13 years starting one year from now. Click here to view the factor table Future Value of 1 Click here to view the factor table Future Value of an Annuity of 1 Click here to view the factor table Present Value of 1 Click here to view the factor table Present Value of an Annuity of 1 (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 Table 4.) (Round answer to 0 decimal places, e.g. 25%.)
Rate of interest ________%
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