C. D. Rom has just given an insurance company $32,500. In return, he will receive an annuity of $3,800 for 20 years. At what rate of return must the insurance company invest this $32,500 in order to...


C. D. Rom has just given an insurance company $32,500. In return, he will receive an annuity of $3,800 for 20 years.<br>At what rate of return must the insurance company invest this $32,500 in order to make the annual payments? Use Appendix D for<br>an approximate answer, but calculate your final answer using the financial calculator method. (Do not round intermediate<br>calculations. Round your final answer to 2 decimal places.)<br>Rate of return<br>%<br>

Extracted text: C. D. Rom has just given an insurance company $32,500. In return, he will receive an annuity of $3,800 for 20 years. At what rate of return must the insurance company invest this $32,500 in order to make the annual payments? Use Appendix D for an approximate answer, but calculate your final answer using the financial calculator method. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Rate of return %

Jun 07, 2022
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