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theory of interests, if you are not familiar with it please don't try. I got a lot of wrong answers so far.thanks explain your reasoning

theory of interests, if you are not familiar with it please don't try. I got a lot of wrong answers so far.thanks explain your reasoning please. thanks

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12.0/1 points Previous Answers An annuity due which pays $98 per month for 12 years has a present value of $7,693.00. Calculate the annual effective interest rate used to determine the present value. Answer = 11.52 % (in percents to 2 decimal places.)

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