Question: For $1,000, you can purchase a 5-year ordinary annuity, which will pay you a yearly payment of $263.80 for 5 years. What is the annual

For $1,000, you can purchase a 5-year ordinary annuity, which will pay you a yearly payment of $263.80 for 5 years. What is the annual interest rate implicit in this investment to the nearest whole percentage point?

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