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An insurance company offers a retirement annuity that pays $100,000 per year for 15 years, growing at an inflation-compensator rate of 3%, and sells for
An insurance company offers a retirement annuity that pays $100,000 per year for 15 years, growing at an inflation-compensator rate of 3%, and sells for $806,070. What is the interest rate? Show your work.
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Financial Markets and Institutions
Authors: Anthony Saunders, Marcia Cornett
6th edition
