A 10-year loan of 2000 is to be repaid with payments at the end of each year. It can be repaid under the following two options: (i) Equal annual payments at an annual effective rate of ?. (ii)...

A 10-year loan of 2000 is to be repaid with payments at the end of each year. It can be repaid under the following two options:
(i) Equal annual payments at an annual effective rate of ?.
(ii) Installments of 200 each year plus interest on the unpaid balance at an annual effective rate of 5%.

The sum of the payments under option (i) equals the sum of the payments under option (ii). Determine ?.

(?) 4.3% (?) 4.5% (?) 4.7% (?) 4.9% (?) 5.1%