Question
To save for retirement, Karla put $525 each month into an ordinary annuity for 16 years. Interest was compounded monthly. At the end of 16
To save for retirement, Karla put $525 each month into an ordinary annuity for 16 years. Interest was compounded monthly. At the end of 16 years, the annuity was worth $154,008. What annual interest rate did she receive?
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Survey Of Economics, Principles, Applications, And Tools
Authors: Arthur O'Sullivan, Steven M. Sheffrin, Stephen J. Perez
5th Edition
0132556073, 978-0132556071
