Mandy cut a parallelogram to make a rectangle.
2 answers:
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Answer:
5.7% per year
Step-by-step explanation:
For an ordinary annuity, the final amount can be calculated by:
Where A is the final amount, R is the value invested monthly, r is the annual interest, n is the number of months in a year, and t the time in years. So:
(\frac{(1+\frac{r}{12} )^{156}-1}{\frac{r}{12} }) = 230.39
(\frac{(1+\frac{r}{12} )^{156}-1}{r}) = 19.2
Solving that in a graphic calculator,
r = 0.057
r = 5.7% per year