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Question Hank made payments of $108 per month at the end of each month for 30 years to purchase a piece of property. He promptly sold it for $105,627. What annual interest rate would he need to earn on an ordinary annuity for a comparable rate of return? I came up with 0.00488

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Question

Hank made payments of $108 per month at the end of each month for 30 years to purchase a piece of property. He

promptly sold it for $105,627.

What annual interest rate would he need to earn on an ordinary annuity for a comparable rate of return?

I came up with 0.00488

 
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