American_Bankers_Association
CTFA · Question #271
CTFA Question #271: Real Exam Question with Answer & Explanation
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Question
For $1,000 you can purchase a 5-year ordinary annuity that will pay you a yearly payment of $263.80 for 5 years. The compound annual interest rate implied by this arrangement is closest to:
Options
- A8%
- B9%
- C10%
- D11%
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