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Tesi- ting eline 7-57 An engineering student must decide whether to pay for auto insurance on a monthly or an annual basis. If paid annually,

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Tesi- ting eline 7-57 An engineering student must decide whether to pay for auto insurance on a monthly or an annual basis. If paid annually, the upfront annual cost is $2750. If paid monthly, the cost is $250 at the start of each month. What is the rate of return for buying the insurance on an annual basis expressed as an annual effective rate

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