Question: explain with steps no excel work required provide complete solution step by step You have loaned Mr. Brown $1,000 on the condition that he repay

explain with steps
no excel work required
provide complete solution step by step
explain with steps no excel work required provide complete solution step by

You have loaned Mr. Brown $1,000 on the condition that he repay you in fen equal annual installments at a 4% annual effective rate of interest. The fifth installment is now due. You and Mr. Brown agree that for $525 in addition to the fifth installment, the loan will be paid off. What is your yield rate? A. Less than 3.4% B. At least 3.4% but less than 3.5% C. At least 3.5% but less than 3.6% D. At least 3.6% but less than 3.7% E. 3.7% or more

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