10. To save for retirement, Karla Harby put $750 each month into an ordinary annuity for 13 years. Interest was compounded monthly. At the end of the 13 years, the annuity was worth $195,947. What annual interest rate did she receive? The interest rate she received was approximately %. (Round to two decimal places as needed.)

10. To save for retirement, Karla Harby put $750 each month into an ordinary annuity for 13 years. Interest was compounded monthly. At the end of the 13 years, the annuity was worth $195,947. What annual interest rate did she receive? The interest rate she received was approximately %. (Round to two decimal places as needed.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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