document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1119181>Question 1119181</A>: <I><SPAN STYLE=\"word-break: break-all;\"> To save for&#8203; retirement, Karla Harby put &#8203;$550 each month into an ordinary annuity for 20 years. Interest was compounded monthly. At the end of the <BR>\n" );
document.write( "20 &#8203;years, the annuity was worth &#8203;$226,173. What annual interest rate did she&#8203; receive?\r<BR>\n" );
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document.write( "**(Answer has to be in \"%\", and \"2\" decimal places). </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #734653 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=734653\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> you can use a financial calculator to solve this.\r<BR>\n" );
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document.write( "i used the TI-BA-II business analyst and got the following.\r<BR>\n" );
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document.write( "the calculator told me that the interest rate per month is equal to .417000132 percent.\r<BR>\n" );
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document.write( "multiply that by 12 to get an annual interest rate of 5.004001581 percent.\r<BR>\n" );
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document.write( "round that to 2 decimal places and you get an annual interest rate of 5.00 percent.\r<BR>\n" );
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document.write( "that's the same as 5.00%.\r<BR>\n" );
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document.write( "my inputs were:\r<BR>\n" );
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document.write( "present value = 0<BR>\n" );
document.write( "future value = 226173<BR>\n" );
document.write( "number of months = 20 * 12 = 240<BR>\n" );
document.write( "payment per month = -550<BR>\n" );
document.write( "payment is made at the end of each month.\r<BR>\n" );
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document.write( "my output was the interest rate per month shown above.\r<BR>\n" );
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document.write( "the calculators use the following convention.\r<BR>\n" );
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document.write( "if the money is coming in to you, it is shown as positive.<BR>\n" );
document.write( "if the money is going out from you, it is shown as negative.\r<BR>\n" );
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document.write( "the future value of the annuity was money coming in to you, so it was entered as positive.\r<BR>\n" );
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document.write( "the monthly payment was money going out from you, so it was entered as negative.\r<BR>\n" );
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document.write( " </SPAN>\n" );
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