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John invests a total of 1 0 , 0 0 0 . He purchases an annuity with payments of 1 , 0 0 0 at

John invests a total of 10,000. He purchases an annuity with payments of 1,000 at the beginning of each year for 10 years at an effective annual interest rate of 7%. As annuity payments are received, they are reinvested at an effective annual interest rate of 3.6%. The balance of the 10,000 is invested in a 10-year certificate of deposit with a nominal annual interest rate of 7.9%, compounded quarterly. Calculate the annual effective yield rate on the entire 10,000 investment over the 10-year
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