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Both calculations are based on an effective annual interest

Janet receives a $ 10,000 life insurance benefit. If she uses the proceeds to buy an n-year annuity immediate, the annual payout will be 1308.11. If a 2n-year annuity due is purchased, the annual payout will be 1208.25. Both calculations are based on an effective annual interest rate of i. Calculate i.

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Financial Management: Both calculations are based on an effective annual interest

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