Effective rate of interest

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Effective rate of interest

Find the interest rates earned on each of the following. Round each answer to two decimal places.

You borrow $710 and promise to pay back $781 at the end of 1 year.


You lend $710 and the borrower promises to pay you $781 at the end of 1 year.


You borrow $82,000 and promise to pay back $293,821 at the end of 7 years.


You borrow $20,000 and promise to make payments of $6,687.60 at the end of each year for 5 years.


Reference no: EM131448547

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