C. D. Rom has just given an insurance company $30,000. In return, he will receive an annuity

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C. D. Rom has just given an insurance company $30,000. In return, he will receive an annuity of $3,200 for 20 years.

At what rate of return must the insurance company invest this $30,000 in order to make the annual payments? Interpolate.

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Foundations Of Financial Management

ISBN: 9780073295817

12th Edition

Authors: Stanley B Block, Geoffrey A Hirt

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