"Problem $3-14$

$5\mathrm{.}88$

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A pension fund is making an investment of $$100,000$ today and expects to receive $$1,600$ at the end of each month for the next five years. At the end of the fifth year, the capital investment of $$100,000$ will be returned.

Required:

What is the internal rate of return compounded annually on this investment?

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Note: Do not round intermediate calculations and round your final answer to $1$ decimal place.

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References

Internal rate of return

$\%$