Assume that you own an annuity that will pay you $15,000 per year for 12 years, with the first payment being made today. You need money today to start a new business, and your uncle offers to give you $128,000 for the annuity. If you sell it, what rate of return would your uncle earn on his investment?
A. 8.36%
B. 6.77%
C. 5.73%
D. 6.91%
E. 5.32%
Answer: D
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