Problem
An engineering student must decide whether to pay for auto insurance on a monthly or an annual basis. If paid annually, the cost is $1650. If paid monthly, the cost is $150 at the start of each month. What is the rate of return for buying the insurance on an annual basis?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.