Problem 9-34 (Algo) Yield on investment [LO9-4] C. D. Rom has just given an insurance company $46,500. In return, he will receive an annuity of $6,600 for 20 years. At what rate of return must the insurance company invest this $46,500 in order to make the annual payments? Use Appendix D for an approximate answer, but calculate your final answer using the financial calculator method. Note: Do not round intermediate calculations. Round your final answer to 2 decimal places. Rate of return 8.00 % 4

Problem 9.34 (Algo) Yield on investment [LO9-4] C. D. Rom has just given an insurance company $46.500. In return, he will receve an annuity of $6.600 for 20 years At what rate of return must the insurance company invest this $46,500 in order to make the annual payments? Use Apperidix 0 for an approximate answer, but calculate your final answer using the financial calculator mefhod Note: Do not round intermediote calculations. Round your final onswer to 2 decimal places. Rate of retum