QUESTION 23

Master Card and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 22.99%, with interest paid monthly, what is the card's EFF%?

QUESTION 22

Your mom just won the Florida lottery. She has the choice of $351,600,000 today or a 30-year annuity of $20,450,000, with the first payment coming one year from today. What rate of return is built into the annuity? Disregard taxes.

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