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Jones expects an immediate investment of $156,439 to return $23,000 annually for nine years, with the first payment to be received one year from now.

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Jones expects an immediate investment of $156,439 to return $23,000 annually for nine years, with the first payment to be received one year from now. What rate of interest must Jones earn? (PV of $1. FV of $1. PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.) Present Value 1 Annuity Payment p (PV of an Ordinary Annuity) Interest Rate %

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