Question
An insurance company promises that if a person puts $1,000 every quarter into a deferred annuity for 15 years, at the end of the 15
An insurance company promises that if a person puts $1,000 every quarter into a deferred annuity for 15 years, at the end of the 15 years, the company will pay $80,000 to the annuity holder. What is the annual rate of return?
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Contemporary Financial Management
Authors: R. Charles Moyer, James R. McGuigan, Ramesh P. Rao
13th edition
1285198840, 978-1285198842
