Aftempts Keop the Highest 1/2 14. Implied interent rate and peried Conster the cate of the folowing annuites, and the need to compote either theic expected rate of retum or duration. Micheer inherited an annuify worth \$2,535.99 from his uncle. The annuity will oay him four equal payments of se00 at the end of each year thet annuity fund is offering a return of Michael's friend, Taylog, wants to go to business school. While his father will share some of the expenses, Tavior still needs to put in the rest on his own. But taylor has no meney'saved for ic vet. According to his calculatiens, it will cost him $18,976 to complete the busineas program, inducing tuition, cont of twing, and other expenses, He has decided to deposit $4,200 at the end af every year in a mutual fund, from which he expects to earn a foxed 8% rate of return, It wil take approximately vears for Taylor to save engugh meney to go to butiness school