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ProfBen
Course
BBA3301
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Subject
Management
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Question

Your parents just called and would like some advice from you. An insurance agent just called them and offered them the opportunity to purchase an annuity for $14,217.56 that will pay them $2,500 per year for 15 years. They do not have the slightest idea what return they would be making on their investment of $14,217.56. What rate of return would they be earning?

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