Question 22.89

59. (Requires a spreadsheet) Long ago, Darryl Strawberry played for the New York Mets baseball team. Part of his compensation was an annuity of $8,891.82 to be paid out over the 30 years after the end of his career. But to pay off his tax debts, in January 2015 the government auctioned off the right to receive the 12 years of remaining payments. The IRS set a minimum bid of $550,000. What interest rate would that correspond to?

59.

16.8%