Sovereign Life Insurance Company of Canada offers $250,000 of term life insurance to a 45-year-old male for

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Sovereign Life Insurance Company of Canada offers $250,000 of term life insurance to a 45-year-old male for an annual premium of $716 (in advance) or for monthly premium payments (in advance) of $62.50 by preauthorized electronic debit. What effective rate of interest is charged to those who pay monthly?
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