Your insurance agent is trying to sell you an annuity that costs $50,000 today. By...
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Finance
Your insurance agent is trying to sell you an annuity that costs $50,000 today. By buying this annuity, your agent promises that you will receive payments of $260 a month for the next 25 years. What is the rate of return on this investment?
(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
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