None Hank made payments of $246 per month at the end of each month for 30 years to purchase a piece of property. He promptly sold it for $241,055. What annual interest rate would he need to earnon an ordinary annuity for a comparable rate of return?☐ %(Round to the nearest hundredth as needed.)

The problem requires finding the interest rate needed on an ordinary annuity to achieve the same…

Answered: Hank made payments of $246 per month at…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 12E

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Hank made payments of $246 per month at the end of each month for 30 years to purchase a piece of property. He promptly sold it for $241,055. What annual interest rate would he need to earn on an ordinary annuity for a comparable rate of return? ☐ % (Round to the nearest hundredth as needed.)