Multiple Choice
California Life has just offered you a single premium annuity for $5,000 that will pay $5,144.12 per year for 20 years, the first payment being received exactly 31 years from today.What is the implied rate of return on this annuity?
A) 7%
B) 8%
C) 9%
D) 6.5%
Correct Answer:
Verified
Correct Answer:
Verified
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