If paid annually the cost is 1650 if paid monthly the cost


An engineering student must decide whether to pay for auto insurance on a monthly or an annual basis. If paid annually, the cost is $1650. If paid monthly, the cost is $150 at the start of each month. What is the rate of return for buying the insurance on an annual basis?

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Business Economics: If paid annually the cost is 1650 if paid monthly the cost
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