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An insurance company is offering a perpetual annuity (perpetuity) of $1,235 per year at the end of each year, in exchange for an $29,722 up

An insurance company is offering a perpetual annuity (perpetuity) of $1,235 per year at the end of each year, in exchange for an $29,722 up front payment today. What is the implied rate of return on this investment? Enter answer in percents, to two decimal places

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