An insurance firm agrees to pay you $3,310 at the end of 20 years if y

An insurance firm agrees to pay you $3,310 at the end of 20 years if you pay a premium of $100 per year at the end of each year of the 20 years. Find the internal rate of return to the nearest whole percentage point.

A) 9%
B) 7%
C) 5%
D) 3%
E) 11%

 

 

ANSWER

C

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