Question 1137759
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<pre>
The formula for an Ordinary Annuity saving account compounded annually  is


    FV = {{{P*((1+r)^n-1)/r}}}


where FV is the future value, P is the annual payment at the end of each year, n is the number of years.


So, we need to find " r " from the equation


    {{{((1+r)^9-1)/r}}} = {{{FV/P}}} = {{{60000/5144}}} = 11.664.


I used online (free of charge) solver for finding zeroes of nonlinear functions from the site 

https://www.wolframalpha.com/widgets/view.jsp?id=a7d8ae4569120b5bec12e7b6e9648b86


and got  r = 0.0636 = 6.36%.      <U>ANSWER</U>


<U>CHECK</U>.  {{{5144*((1+0.0636)^9-1)/0.0636}}} = 59999.32.    ! Correct !
</pre>

Solved, checked, explained and completed.



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