Question

Determine the annual interest rate that is needed for the following annuities to accumulate to $25,000. Assume payments are made at the end of each period.
1. Annual payments of $4,095 for five years, interest compounded annually.
2. Semiannual payments of $5,715 for two years, interest compounded semiannually.
3. Quarterly payments of $1,864 for three years, interest compounded quarterly.



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  • CreatedJanuary 28, 2012
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