For $10,000, you can purchase a five-year annuity that will pay $2,504.57 per year for five years. The payments begin on

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answerhappygod
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For $10,000, you can purchase a five-year annuity that will pay $2,504.57 per year for five years. The payments begin on

Post by answerhappygod »

For $10,000, you can purchase a five-year annuity that will pay
$2,504.57 per year for five years. The payments begin one year from
now. Calculate the effective annual interest rate this annuity will
pay.
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