Question: 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.

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 $5840.92. What annual nominal compounding rate has this annuityearned?

Type the interestrate: ______%

(Round to 2 decimalplaces.)

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