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For $15,000, you can purchase a four-year annuity that will pay $4,630.03 per year for four years. The payments occur at the end of each
For $15,000, you can purchase a four-year annuity that will pay $4,630.03 per year for four years. The payments occur at the end of each year. Calculate the effective annual interest rate implied by this arrangement.
is it
8 percent | ||
9 percent | ||
10 percent | ||
11 percent |
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