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Annuity-immediate paying

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Kevin receives 15,000 from his inheritance. He uses the fund to purchase two different annuities: one costing twice as much as the other. The first annuity is a 27-year annuity immediate paying M per year. The second annuity is a 9-year annuity-immediate paying 1.2M per year. Both annuities are based on an annual effective rate of j. Calculate j.

Reference no: EM132373602

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