A person makes monthly deposits of $100 into an ordinary annuity. After 30 years, the annuity is
Question:
A person makes monthly deposits of $100 into an ordinary annuity. After 30 years, the annuity is worth $160,000. What annual rate compounded monthly has this annuity earned during this 30-year period? Express the answer as a percentage, correct to two decimal places.
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Substituting FV 160000 PMT 100 and n 301122 360 in 6 produces the foll...View the full answer
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Related Book For 
Finite Mathematics For Business Economics Life Sciences And Social Sciences
ISBN: 9780134862620
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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