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An insurance agent just called your parents and offered them the opportunity to purchase an annuity for $21,074.25 that will pay them $4,000 per year

  1. An insurance agent just called your parents and offered them the opportunity to purchase an annuity for $21,074.25 that will pay them $4,000 per year for 20 years. What rate of return will they be earning on their $21,074.25?

***Please use financial calculator and write down the steps to get the answer***

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