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What is the annual interest rate implicit

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For $650,000 Laura Croft can purchase a 15-year ordinary annuity that will pay her a yearly payment of $57,200 (every year for 15 years). What is the annual interest rate implicit in this investment? Round your answer to the nearest tenth (for example, record 0.4325 as 43.3% - but do not include the percent sign in iCollege).

Reference no: EM132828331

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