Question
To save for retirement, Karla Harby put $400 each month into an ordinary annuity for 16 years. Interest was compounded monthly. At the end of
To save for retirement, Karla Harby put $400 each month into an ordinary annuity for 16 years. Interest was compounded monthly. At the end of the 16 years, the annuity was worth $130,578. What annual interest rate did she receive?
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Investments An Introduction
Authors: Herbert B Mayo
10th Edition
0538452099, 9780538452090
