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An insurance agent

Your folks 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 $17,939.97 that will pay them $3,000 per year for 15 years. They don’t have the slightest idea what return they would be making on their investment of $17,939.97.

What is the annual rate of return your folks would be earning on their investment is?

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