Continental Life Insurance Company of Canada offered $250,000 of term life insurance to a 40-year-old female nonsmoker

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Continental Life Insurance Company of Canada offered $250,000 of term life insurance to a 40-year-old female nonsmoker for an annual premium of $447.50 (in advance) or for monthly premium payments (in advance) of $38.82 by preauthorized electronic debit. What effective rate of interest is charged to those who pay monthly?
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