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Takeshi has inherited $2 million which he will receive as 35 equal annual payments P with the first payment today. The effective annual rate is
Takeshi has inherited $2 million which he will receive as 35 equal annual payments P with the first payment today. The effective annual rate is r. Which of the following pairs is correct? (To the nearest $1.) r = 3%, P = $90368 r = 3%, P = $93379 r =4%, P = $90368 r = 3%, P = $93079 p=4%, P = $93079
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