To save for retirement, Karla Harby put $325 each month into an ordinary annuity for 12 years. Interest was compounded monthly. At the end of the 12 years, the annuity was worth $76,850 What annual interest rate did she receive? The interest rate she received was approximately %. (Round to two decimal places as needed.)
To save for retirement, Karla Harby put $325 each month into an ordinary annuity for 12 years. Interest was compounded monthly. At the end of the 12 years, the annuity was worth $76,850 What annual interest rate did she receive? The interest rate she received was approximately %. (Round to two decimal places as needed.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Transcribed Image Text:To save for retirement, Karla Harby put $325 each month into an ordinary annuity for 12 years. Interest was compounded monthly. At the end of the 12 years, the annuity was worth $76,850 What annual interest rate did she receive?
The interest rate she received was approximately
(Round to two decimal places as needed.)
196.
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