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 $5894.74. What annual nominal compounding rate has this annuity earend? Type the interest rate ___% (Round to 2 decimal places.)
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 $5894.74. What annual nominal compounding rate has this annuity earend? Type the interest rate ___% (Round to 2 decimal places.)
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section: Chapter Questions
Problem 8CC
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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 $5894.74. What annual nominal compounding rate has this annuity earend?
Type the interest rate ___% (Round to 2 decimal places.)
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