Determine what interest rate is the bank paying

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Reference no: EM131970739

A local bank will pay you $105 at the end of each year for your lifetime if you deposit $1,200 in the bank today. If you plan to live forever, what interest rate is the bank paying? (Enter your answer as a percent rounded to 2 decimal places.)

The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM131970739

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