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What is the nominal rate of interest

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Problem 1: Bonny converted an RRSP balance of $176 875.67 into an RRIF that will pay her $2720.00 at the end of every month for 8 years. What is the nominal rate of interest?

Option 1: 3.85%

Option 2: 10.38%

Option 3: 9.55%

Option 4: 10.55%

Option 5: 9.38%

Reference no: EM132892207

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