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1. For $125,000 Laura Croft can purchase a 15-year ordinary annuity which will pay her a yearly payment of $14,895.00 for 15 years. What is

1. For $125,000 Laura Croft can purchase a 15-year ordinary annuity which will pay her a yearly payment of $14,895.00 for 15 years. What is the annual interest rate implicit in this investment?

2. What is the future value at the end of year 18 of $10,000 deposited today into an account that pays interest of 5.4% p.a., but with daily compounding (assume 365 days per year)?

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