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A life insurance company will sell a 20-year annuity paying $1,600 at the end of each month for $175,000. What annual compounded nominal rate of

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A life insurance company will sell a 20-year annuity paying $1,600 at the end of each month for $175,000. What annual compounded nominal rate of interest will the annuitant earn? A. 9.401% B. 8.735% C. 9.226% D. 9.335% E. 9.297%

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