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(1 point) (Exercise 3.30) A beneficiary receives a $ 10,000 life insurance benefit. If the beneficiary uses the proceeds to buy a 13-year annuity- immediate,

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(1 point) (Exercise 3.30) A beneficiary receives a $ 10,000 life insurance benefit. If the beneficiary uses the proceeds to buy a 13-year annuity- immediate, the annual payout will be $1364.32. If a 26-year annuity-immediate is purchased, the annual payout will be $1040.66. Both calculations are based on an annual effective interest rate of i. Find i. i = %

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