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If $100,000 will purchase a 20-year annuity paying $739 at each month’s end, what monthly compounded...

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Basic Math

If $100,000 will purchase a 20-year annuity paying $739 at eachmonth’s end, what monthly compounded nominal rate and effectiverate of interest are earned by the funds? (Do not roundintermediate calculations and round your final answers to 2 decimalplaces.)

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