Calculate your final answer using the financial calculator

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Reference no: EM13338748

C. D. Rom has just given an insurance company $41,500. In return, he will receive an annuity of $5,600 for 20 years.

At what rate of return must the insurance company invest this $35,000 in order to make the annual payments? Use Appendix D for an approximate answer, but calculate your final answer using the financial calculator method. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Reference no: EM13338748

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