STATISTICS 501-Hank made payments of $108 per month
STATISTICS 501-Hank made payments of $108 per month
Subject: Mathematics   / Statistics
Question
Hank made payments of $108 per month at the end of each month for 30 years to purchase a piece of property. He promptly sold it for $105,627.
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What annual interest rate would he need to earn on an ordinary annuity for a comparable rate of return?
