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1) MoneyCo will pay you $20,500 a year for 10 years in exchange for $131,300 today. What interest rate will you earn on this annuity?
1) MoneyCo will pay you $20,500 a year for 10 years in exchange for $131,300 today. What interest rate will you earn on this annuity? A) 6.92 percent B) 7.91 percent C) 8.85 percent D) 9.05 percent E) 10.11 percent
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