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7. For 10,000, Kelly purchases an annuity-immediate that pays 400 quarterly for the next 10 years. Calculate the annual nominal interest rate convertible monthly earned

7. For 10,000, Kelly purchases an annuity-immediate that pays 400 quarterly for the next 10 years. Calculate the annual nominal interest rate convertible monthly earned by Kellys investment. Can someone show me.how to do this by hand instead of using a program?

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