6. Kevin loans Marcus $14,000. Marcus repays the loan by paying Kevin $4,000 at the end...
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6. Kevin loans Marcus $14,000. Marcus repays the loan by paying Kevin $4,000 at the end of one year, $6,000 at the end of two years, and $6,000 at the end of three years. The money received by Kevin at t = 1 and t = 2 is immediately reinvested at an annual effective interest rate of 3%. Find Marcus's annual effective interest rate and Kevin's annual yield. 6. Kevin loans Marcus $14,000. Marcus repays the loan by paying Kevin $4,000 at the end of one year, $6,000 at the end of two years, and $6,000 at the end of three years. The money received by Kevin at t = 1 and t = 2 is immediately reinvested at an annual effective interest rate of 3%. Find Marcus's annual effective interest rate and Kevin's annual yield.
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