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Samuel will receive an inheritance where he will be paid 1,000 every 28 months forever. The first payment will start immediately. Samuel calculated the present

Samuel will receive an inheritance where he will be paid 1,000 every 28 months forever.

The first payment will start immediately.

Samuel calculated the present value of this inheritance to be 5,124.64.

What was the effective annual interest rate Samuel used in his present value calculation?

a.7.94%

b.8.00%

c.8.62%

d.9.32%

e.9.75%

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