To save for retirement, Karla Harby put $400 each month into an ordinary annuity for 12 years.

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To save for retirement, Karla Harby put $400 each month into an ordinary annuity for 12 years. Interest was compounded monthly. At the end of the 12 years, the annuity was worth $81,050. What annual interest rate did she receive? The interest rate she received was approximately %. (Round to two decimal places as needed.)

Posted Date: Jul 10, 2024 05:31 AM

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To save for retirement, Karla Harby put $400 each month into an ordinary annuity for 12 years.

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