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What is the effective annual rate of return

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Question 1: You pay $10,000 today for an annuity. The annuity will make monthly payments of $150. The payments will be made at the end of each month. The annuity will make payments for 10 years. What is the effective annual rate of return that you will earn on this annuity?

Option a) 13.93%

Option b) 14.25%

Option c) 13.78%

Option d) 13.48%

Option e) none of the above

Reference no: EM132623397

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