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Your bank has agreed to loan you $3,000 if you agree to pay a single "lump sum" of $5,055 in five years. What annual rate of interest will you be paying? a) 13.2% b) 15% c) 11% d) 16.7% e) 9.9% Your bank has agreed to loan you $3,000 if you agree to pay a single "lump sum" of $5,055 in five years. What annual rate of interest will you be paying? a) 13.2% b) 15% c) 11% d) 16.7% e) 9.9%
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To find the annual interest rate you can use the formula for compound ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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