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An insurance company's projected loss ratio is 7 7 . 5 percent, and its expense ratio is 2 3 . 9 percent. It estimates that

An insurance company's projected loss ratio is 77.5 percent, and its expense ratio is 23.9 percent. It
estimates that dividends to policyholders will add another 5 percent. What is the minimum yield on
investments required in order to maintain a positive operating ratio?
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