8. Implied interest rate and period Aa Aa E Consider the case of the following annuities, and the need to compute either their expected rate of return or duration Jorge inherited an annuity worth $5,444.08 from his uncle. The annuity will pay him six equal payments of $1,250 at the end of each year. The annuity fund is offering a return of 11.80% 13.50% 8.70% Jorge's friend, Rafael, has hired a financial planner for advice 10.00% ht. Considering Rafael's current expenses and expected future lifestyle changes, the financial planner has stated that once Rafael crosses a threshold of $1,170,526 in savings, he will have enough money for retirement. Rafael has nothing saved for his retirement yet, so he plans to start depositing $40,000 in a retirement fund at a fixed rate of 10.00% at the end of each year. It will take years for Rafael to reach his retirement goal. Jorge's friend, Rafael, has hired a financial planner for advice on retirement. Considering Rafael's current expenses and expected future lifestyle changes, the financial planner has stated that once Rafael crosses a threshold of $1,170,526 in savings, he will have enough money for retirement. Rafael has nothing saved for his retirement yet, so he plans to start depositing $40,000 in a retirement fund at a fixed rate of 10.00% at the end of each year. It will take years for Rafael to reach his retirement goal. 14.35 years 19.37 years 17.94 years 12.20 years TIT