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%

see explanation

step-by-step explanation:

since the sequence is geometric there is a common ratio r between consecutive terms, that is

r = 4 ÷ - 2 = - 2

r = - 8 ÷ 4 = - 2

r = 16 ÷ 8 = - 2

the next term - 13 must be incorrect as it should be - 32 for the sequence to be geometric.

the first 4 terms are therefore geometric with common ratio r = - 2

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