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Janet receives a 50,000 dollar life insurance benefit. If she uses the proceeds to buy an n-year annuity immediate, the annual payout will be 5600.

Janet receives a 50,000 dollar life insurance benefit. If she uses the proceeds to buy an n-year annuity immediate, the annual payout will be 5600. If a 2n-year annuity immediate is purchased, the annual payout will be 3900. Both calculations are based on an effective annual interest rate of i.

Calculate i.

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