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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 55 ​years, the amount in the annuity is $5751.89. What annual nominal compounding rate has this annuity​ earned?

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Nestor Rutherford
Nestor RutherfordLv2
28 Sep 2019

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Eugene began to save for his retirement at age 33, and for 10 years he put $ 325 per month into an ordinary annuity at an annual interest rate of 12% compounded monthly. After the 10 years, Eugene was unable to make the monthly contribution of $ 325, so he moved the money from the annuity into another account that earned 8% interest compounded monthly. He left the money in this account for 22 years until he was ready to retire. How much money did he have for retirement?

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