Calculating Annuity Interest Rates. Although you may know William Shakespeare from his classic literature, what is not well-known is that he was an astute investor. In 1604, when he was 40 and writing...

Calculating Annuity Interest Rates. Although you may know William Shakespeare from his classic literature, what is not well-known is that he was an astute investor. In 1604, when he was 40 and writingKing Lear;Shakespeare grew worried about his eventual retirement. Afraid that he would become like King Lear in his retirement and beg hospitality from his children, he purchased grain "tithes," or shares in farm output, for 440 pounds. The tithes paid him 60 pounds per year for 31 years. Even though he died at the age of 52, his children received the remaining payments. What interest rate did the Bard of Avon receive on this investment"?