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Calculate the expected break-even apr

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An investor set aside $1 million for an immediate annuity with the following terms: s/he will get monthly income starting from the end of next month, the monthly income is $5,000 paid at the end of each month until death. Suppose the investor expects to live for additional 20 years. Calculate the expected break-even APR (i.e., the APR at which the present value of the annuity payments equals $1 million).

Reference no: EM132376665

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