To save for retirement, Karla Harby put $475 each month into an ordinary annuity for 18 years. Interest was compounded monthly. At the end of the 18 years, the annuity was worth $208,501. What annual interest rate did she receive? The interest rate she received was approximately %. (Round to twwo decimal places as needed)
To save for retirement, Karla Harby put $475 each month into an ordinary annuity for 18 years. Interest was compounded monthly. At the end of the 18 years, the annuity was worth $208,501. What annual interest rate did she receive? The interest rate she received was approximately %. (Round to twwo decimal places as needed)
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 57SE: Karl has two years to save $10000 to buy a used car when he graduates. To the nearest dollar, what...
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Transcribed Image Text:To save for retirement, Karla Harby put $475 each month into an ordinary annuity for 18 years. Interest was compounded monthly. At the end of the 18 years, the annuity was worth $208,501. 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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