For $$10,000,$ Kelly purchases an annuity$-$immediate that pays $$400$

quarterly for the next $10$ years. Calculate the annual effective interest rate earned by

Kelly$$s investment.

$[$Note that to solve this problem, you$$ll first need to compute a

quarterly interest rate j which is actually i$(4)/4.$ Once you obtain this, you can convert it to the annual effective rate i$.]$

No excel please.