You are planning on purchasing $$14,500$ worth of solar panels for your home that will last forever. These solar panels will save you $$140$ a month. What is the effective annual rate of return on this investment?

Question $8$Answer

a$.$

$12\mathrm{.}22\%$

b$.$

$10\mathrm{.}01\%$

c$.$

$11\mathrm{.}59\%$

d$.$

$10\mathrm{.}80\%$

e$.$

$11\mathrm{.}17\%$