Curly’s Life Insurance Co. is trying to sell you an investment policy that will pay you and your heirs $44,000 per year forever. A representative for Curly’s tells you the policy costs $690,000.
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At what interest rate would this be a fair deal? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)