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4) (25 points) An automobile insurance company offers two payment options for your annual premium. You can make a lumpsum payment of $1,600 at the

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4) (25 points) An automobile insurance company offers two payment options for your annual premium. You can make a lumpsum payment of $1,600 at the beginning of the year or pay $450 at the end of each quarter. If you choose the option of making four quarterly payments every year, what effective annual interest rate would you be paying

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