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Calpers Pension Fund offers an annuity to CSU, Chico retiring professors. For a deposit of $150,000 into this fund at age 65, the fund will

Calpers Pension Fund offers an annuity to CSU, Chico retiring professors. For a deposit of $150,000 into this fund at age 65, the fund will pay the retiring professor $1600 a month for 25 years. What is the EAR on this annuity? Answer: 12.95%

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