Question
To save for retirement, Karla Harby put $775 each month into an ordinary annuity for 10 years. Interest was compounded monthly. At the end of
To save for retirement, Karla Harby put $775 each month into an ordinary annuity for 10 years. Interest was compounded monthly. At the end of the 10 years, the annuity was worth 116, 509 What annual interest rate did she receive?
The interest rate she received was approximately ______%
(Round to two decimal places as needed.)
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Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert Hughes
4th Edition
0256147175, 978-0256147179
