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You wish to establish an annuity that will pay $7,500 for the next twenty years (end of the year). Your financial institution will establish such

You wish to establish an annuity that will pay $7,500 for the next twenty years (end of the year). Your financial institution will establish such an annuity if you deposit $94,000 today. What is the implied rate that the institution is paying on this annuity?

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