A firm purchases 100 acres of land for $200,000 and agrees to remit 20 equal annual end-of-

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A firm purchases 100 acres of land for $200,000 and agrees to remit 20 equal annual end-of- year installments of $41,067 each. What is the true annual interest rate on this loan?

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Contemporary Financial Management

ISBN: 9780324289114

10th Edition

Authors: James R Mcguigan, R Charles Moyer, William J Kretlow

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Question Posted: Jul 17, 2012 02:17 AM

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A firm purchases 100 acres of land for $200,000 and agrees to remit 20 equal annual end-of-

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200000 41067...View the full answer

Contemporary Financial Management

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