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Posted on Aug 03, 2024

A local bank will pay you $ 1 3 2 a year for your lifetime if you deposit $ 1 , 6 0 0 in

A local bank will pay you $

132

a year for your lifetime if you deposit $

1, 600

in the bank today. If you plan to live forever, what interest rate is the bank paying?

Note: Enter your answer as a percent rounded to

2

decimal places.

Interest rate

%

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