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A pension fund is making an investment of $100,000 today and expects to receive $1,600 at the end of each month for the next five

A pension fund is making an investment of $100,000 today and expects to receive $1,600 at the end of each month for the next five years. At the end of the fifth year, the capital investment of $100,000 will be returned. What is the internal rate of return compounded annually

(i.e., effective annual rate)

on this investment?

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