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Determining the annual interest rate

Problem: Determine the annual interest rate that is needed for the following annuities to accumulate to $25,000. Assume payments are made at the end of each period.

1. Quarterly payments of $1,864 for 3 years, interest compounded quarterly.

2. Annual payments of $4,095 for 5 years, interest, compounded annually

3. Semiannual payments of $5,715 for 2 years, interest compounded semiannually.

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Finance Basics: Determining the annual interest rate

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Finance Basics: Determining the annual interest rate

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