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Mr. Lee purchased an endowment policy from an insurer which requires him to set aside $10,000 per year for the next 25 years. On maturity,

Mr. Lee purchased an endowment policy from an insurer which requires him to set aside $10,000 per year for the next 25 years. On maturity, it is projected that he can receive a lump sum of $375,530 for his retirement. The implicit rate of return on his savings is _______.

1.64%

3.35%

3.22%

3.0%

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