The actual average annual percentage rate

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In exactly 15 months a bill of $21,200 is due. Today you deposit money such that if the account earns a target rate of return of 8.90% per annum, compounded monthly, the bill is perfectly financed. No other deposits or withdrawals have been made. Your account actually accumulates $20,154. What was the actual average annual percentage rate?

Reference no: EM131133220

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