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You have made an investment today of 5000 that will pay you 250 per month over the next two years(24 payments) and you will receive
You have made an investment today of 5000 that will pay you 250 per month over the next two years(24 payments) and you will receive your first payment today. What is the effective annual rate of the return on this investment?
A 19.75%
B 22.24%
C 13.21%
D 16.55%
E 21.77%
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