Use graphical approximation techniques or an equation solver to approximate the desired interest rate. A person makes annual payments of $ 1000 into an ordinary annuity. At the end of 5 years, the amount in the annuity is $ 5734.70. What annual nominal compounding rate has this annuity earned?
Answers: 3
![F.V.=\dfrac{P[(1+i)^n-1]}{i}](/tpl/images/0644/1089/c8f01.png)
![5734.70=\dfrac{1000[(1+i)^5-1]}{i}](/tpl/images/0644/1089/2827c.png)
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