To save for retirement, Karle Harby put 5475 each month into an ordinary annuly for 19 years terestwas compounded monthly A the end of the 19 years he annuty was worh 2472 What analierest ae ddshe receive? The Interest rate she recelved was approximatelyN (Round to wo decimal places as needed)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
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To save for retirement, Karla Hartby put S475 each month into an ordinary annulty for 19 years lnterest was compounded monthly At the end of the 19 years,the annuty was worth 1248,782. What anal interest rate did she
receive?
The Interest rate she received was approximately
(Round to two decimal places as needed)
Transcribed Image Text:To save for retirement, Karla Hartby put S475 each month into an ordinary annulty for 19 years lnterest was compounded monthly At the end of the 19 years,the annuty was worth 1248,782. What anal interest rate did she receive? The Interest rate she received was approximately (Round to two decimal places as needed)
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