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View an example I All parts showing Use graphical approximation techniques or an equation solver to approximate the desired interest rate. A person makes annual

View an example I All parts showing

Use graphical approximation techniques or an equation solver to approximate the desired interest rate. A person makes annual payments of $

1000

into an ordinary annuity. At the end of

5

years, the amount in the annuity is $

6245.17 .

What annual nominal compounding rate has this annuity earned?

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