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Problem 5 - 2 0 Annuity Interest Rate ( LG 5 - 8 ) What's the interest rate of a 5 - year, annual $

Problem

5 - 20

Annuity Interest Rate

(

5 - 8)

What's the interest rate of a

5 -

year, annual $

5, 900

annuity with present value of $

24, 500 ?

Note: Use a time value of money calculator or a spreadsheet. Round your answer to

2

decimal places. Annuity interest rate

%

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