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C. D. Rom has just given an insurance company $35,500. In return, he will receive an annuity of $4,400 for 20 years. At what rate

C. D. Rom has just given an insurance company $35,500. In return, he will receive an annuity of $4,400 for 20 years. At what rate of return must the insurance company invest this $35,500 in order to make the annual payments?

What is the rate of return?

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