Assume that you own an annuity that will pay you $23,000 per year for 15...
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Assume that you own an annuity that will pay you $23,000 per year for 15 years, with the first payment being made today. You need money today to open a new restaurant, and your uncle offers to give you $165,000 for the annuity. If you sell it, what rate of return would your uncle earn on his investment?
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