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For $10,000, you can purchase a five-year annuity that will pay $2,504.57 per year for five years (first cash flow to occur exactly one year

For $10,000, you can purchase a five-year annuity that will pay $2,504.57 per year for five years (first cash flow to occur exactly one year from today). Assuming that the interest rate on this account is compounded monthly, calculate the nominal annual interest rate implied by this arrangement.

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