Business, 03.05.2021 14:50 GabbyLandry
John invests a total of 10,000. He purchases an annuity with payments of 1,000 at the beginning of each year for 10 years at an effective annual interest rate of 8%. As annuity payments are received, they are reinvested at an effective annual interest rate of 7%. The remaining balance of the 10,000 is invested in a 10-year certificates of deposit with a nominal annual interest rate of 9%, compounded quarterly. Calculate the annual effective yield rate on the entire 10,000 investment over the 10-year period.
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John invests a total of 10,000. He purchases an annuity with payments of 1,000 at the beginning of e...
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