You are the assistant Financial Manager for the Florida Sale Away Corporation. The Chief Financial Officer ask to you invest $15,000 of excess cash funds in an annuity which will return $26,300 dollars at the end of nine years. Or, as an alternative, consider investing the $15,000 in a FDIC insured commercial certificate of deposit at 8% for nine years. What will the certificate of deposit earn at the end of 9 years? Which of the two alternatives will yield the most income?
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