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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 5 years, the amount in the annuity is $5723.26. What annual nominal compounding rate has this annuity earned? Type the interest rate: % Round to 2 decimal places)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92878424

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