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Homework Help: Annuities: Determining the Interest Rate

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  1. May 23, 2004 #1
    Annuities: Determining the Interest Rate (help needed!)

    David has $2000 to invest in an annuity. What interest rate must be obtain in order to recieve payments of $500 at the end of each year for the next 5 years?
     
    Last edited: May 23, 2004
  2. jcsd
  3. May 24, 2004 #2
    Im assuming youv'e been given some sort of financial math equation to solve these types of problems. I learned them in grade 11 math... here is the equation...

    http://oakroadsystems.com/math/pics/loaneq5.gif [Broken]

    you just put the numbers in....
     
    Last edited by a moderator: May 1, 2017
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