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Multiple Choice A life insurance company will sell a 20-year annuity paying $1600 at the end of each month for $175,000. What quarterly compounded nominal

Multiple Choice

A life insurance company will sell a 20-year annuity paying $1600 at the end of each month for $175,000. What quarterly compounded nominal rate of interest will the annuitant earn?

A. 9.401%

B. 8.735%

C. 9.226%

D. 9.335%

E. 9.297%

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