Estimating the annual interest rate with an ordinary annuity. Fill in the missin
ID: 2622460 • Letter: E
Question
Estimating the annual interest rate with an ordinary annuity. Fill in the missing annual interest rates in the following table for an ordinary annuity stream.
Number of Payments or Years
Annual Interest Rate
Future Value
Annuity
Present Value
7
?
$0.00
$600.00
$2,382.85
18
?
$18,336.64
$328.91
$0.00
35
?
$0.00
$1,851.44
$43,000.00
100
?
$96,457,286.38
$700.00
$0.00
____ (round to two decimal places?
Number of Payments or Years
Annual Interest Rate
Future Value
Annuity
Present Value
7
?
$0.00
$600.00
$2,382.85
18
?
$18,336.64
$328.91
$0.00
35
?
$0.00
$1,851.44
$43,000.00
100
?
$96,457,286.38
$700.00
$0.00
Explanation / Answer
a) 16.57%
b)12.00%
c) 2.47%
d)10%
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