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A company offers an investment product that delivers 15 equal payments of 20,000 starting in 1 year. The cost of the investment is a lump

A company offers an investment product that delivers 15 equal payments of 20,000 starting in 1 year. The cost of the investment is a lump sump today of 250,000. What is the inplord annual rate of return for these cashflows?

a. 2.37

b. 2.87

c. 3.37

d. 3.87

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