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Malcolm wants to purchase an annuity that will pay him $7,000 at the end of...

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Accounting

Malcolm wants to purchase an annuity that will pay him $7,000 at the end of every three months for 15 years. His financial advisor has told Malcolm that this annuity will cost him $250,000. What monthly compounded nominal interest rate was used in this calculation?
18.89%
7.51%
9.3%
22.67%
12.60%
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