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An insurance company offered you an annuity at a price of $50,000. If you buy this annuity you will be receiving a payment of $1,000

An insurance company offered you an annuity at a price of $50,000. If you buy this annuity you will be receiving a payment of $1,000 per month over the next 5 years. Calculate the annual rate of return that this annuity is offering you.

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