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C. D. Rom has just given an insurance company $34,500. In return, he will receive an annuity of $4,200 for 20 years. At what rate
C. D. Rom has just given an insurance company $34,500. In return, he will receive an annuity of $4,200 for 20 years. At what rate of return must the insurance company invest this $34,500 in order to make the annual payments? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)
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