15. To save for retirement, Karla Harby put $625 each month into an ordinary annuity for 14 years. Interest was compounded monthly. At the end of the 14 years, the annuity was worth $156 comma 700. What annual interest rate did she receive? The interest rate she received was approximately %. (Round to two decimal places as needed.)

40.08%

Step-by-step explanation:

From the given information;

the annual interest rate can be determined using the formula:

where;

A = amount

P is the installment per period = $625

r = interest rate

nt = number of installments=  14×(12) =168

i = rate of interest per year

1.0334 =

1.0334 -1 = r/12

0.0334 = r/12

r = 0.0334 × 12

r = 0.4008

r = 40.08%

Thus; Karla Harby received an interest rate of 40.08%

step-by-step explanation: