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An insurance agent just called your parents and offered them the opportunity to purchase an annuity...

  1. An insurance agent just called your parents and offered them the opportunity to purchase an annuity for $21,074.25 that will pay them $4,000 per year for 20 years. What rate of return will they be earning on their $21,074.25?

***Please use financial calculator and write down the steps to get the answer***

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