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gewusel gewusel
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4 years ago
Li buys a $100 000 life insurance policy, which requires an annual premium of $420 or a monthly premium of $37. In either case, the premium is payable at the beginning of the period of coverage. What is the effective rate of interest Li pays, if he chooses monthly payment plan?
A) 10.89%
B) 13.04%
C) 10.39%
D) 1.09%
E) 5.7%
Textbook 

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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SupremeSupreme
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4 years ago
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