My Uncle Pete wants me to loan him $10,000 today so that he can buy some frozen

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My Uncle Pete wants me to loan him $10,000 today so that he can buy some frozen fruit for his new

smoothie stand. He says that he is willing to get the full $10,000 back to me in exactly four years, and

is willing to give me another $3,000 in exactly four years on top of that for interest. What is the annual

rate of interest that I am receiving on my loan to Pete under his proposal?

Posted Date: May 10, 2024 04:20 AM

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My Uncle Pete wants me to loan him $10,000 today so that he can buy some frozen

Question:

Expert Answer:

To calculate the annual rate of interest on your loan to Uncle Pete we can use t... View the full answer

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