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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 He purchases an annuity with payments of at the beginning of each year for years at an effective annual interest rate of As annuity payments are received, they are reinvested at an effective annual interest rate of The balance of the is invested in a year certificate of deposit with a nominal annual interest rate of compounded quarterly. Calculate the annual effective yield rate on the entire investment over the year
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