Fred, our cat, just won the local feline lottery to the tune of 3000 cans of 9-Lives
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Fred, our cat, just won the local feline lottery to the tune of 3000 cans of "9-Lives" cat food (assorted flavors). A local grocer offers to take the 3000 cans and in return, supply Fred with 30 cans a month for next 10 years. What rate of return, in terms of nominal annual rate, will Fred realize on this deal?
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