Your parents just called and would like some advice from you. An insurance agent just called them
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Question:
Your parents just called and would like some advice from you. An insurance agent just called them and offered them the opportunity to purchase an annuity for $14,217.56 that will pay them $25,00 per year for 20 years. They do not have the slightest idea what return they would be making on the investment at $14,217.56. What rate of return would they be earning? (Round to 2 decimal places and show work)
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