Determine the annual effective interest rate

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Reference no: EM13302554

Marilyn invests $3,500 at time 0 in order to receive payments of $450 at times 1 year, 2 years, 3 years, and so on, with the last payment at time 10 years. Determine the annual effective interest rate that Marilyn earns.

A. 4.35% B. 4.85% C. 5.15% D. 5.35% E. 5.65%

Reference no: EM13302554

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