To save for retirement, karla harby put $675675 each month into an ordinary annuity for 1313 years. interest was compounded monthly. at the end of the 1313 years, the annuity was worth $155 comma 514155,514. what annual interest rate did she receive?

5.7% per year

Step-by-step explanation:

For an ordinary annuity, the final amount can be calculated by:

Where A is the final amount, R is the value invested monthly, r is the annual interest, n is the number of months in a year, and t the time in years. So:

(\frac{(1+\frac{r}{12} )^{156}-1}{\frac{r}{12} }) = 230.39

(\frac{(1+\frac{r}{12} )^{156}-1}{r}) = 19.2

Solving that in a graphic calculator,

r = 0.057

r = 5.7% per year

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