document.write( "Question 1137759: A person makes annual payments of $5144 into an ordinary annuity. At the end of 9 years the amount in the annuity is $60,
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Algebra.Com's Answer #755629 by ikleyn(52785) $\"\"$ $\"About$

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document.write( "The formula for an Ordinary Annuity saving account compounded annually  is\r\n" );
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document.write( "    FV = \r\n" );
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document.write( "where FV is the future value, P is the annual payment at the end of each year, n is the number of years.\r\n" );
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document.write( "So, we need to find \" r \" from the equation\r\n" );
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document.write( "     =  =  = 11.664.\r\n" );
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document.write( "I used online (free of charge) solver for finding zeroes of nonlinear functions from the site \r\n" );
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document.write( "https://www.wolframalpha.com/widgets/view.jsp?id=a7d8ae4569120b5bec12e7b6e9648b86\r\n" );
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document.write( "and got  r = 0.0636 = 6.36%.      ANSWER\r\n" );
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document.write( "CHECK.   = 59999.32.    ! Correct !\r\n" );
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\n" ); document.write( "\n" ); document.write( "On ordinary annuity saving plan, see my lessons in this site \r
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\n" ); document.write( "\n" ); document.write( " - Ordinary Annuity saving plans and geometric progressions\r
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