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A life insurance company will sell a 2 0 - year annuity paying $ 1 6 0 0 at the end of each month for

A life insurance company will sell a 20-year annuity paying $1600 at the end of each month for $175,000. What quarterly compounded nominal rate of interest will the annuitant earn?
Multiple Choice
9.226%
9.401%
9.297%
8.735%
9.335%
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