The Insolvent Insurance Co.will pay you $2,500 a year for 10 years in exchange for $30,000 today.What interest rate will you earn on this annuity?
A) -3.18 percent
B) 3.18 percent
C) 5.50 percent
D) 5.55 percent
E) 5.60 percent
Correct Answer:
Verified
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