An annuity that pays $1100 at the end of each month for 23 years sells for $120,000. What was the quarterly compounded nominal rate of interest? 9.658% 10.055% 9.826% 9.349 % O9.928%

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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An annuity that pays $1100 at the end of each month for 23 years sells for
$120,000. What was the quarterly compounded nominal rate of interest?
9.658%
10.055%
9.826%
9.349%
9.928%
Transcribed Image Text:An annuity that pays $1100 at the end of each month for 23 years sells for $120,000. What was the quarterly compounded nominal rate of interest? 9.658% 10.055% 9.826% 9.349% 9.928%
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