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Question - A local bank is running the following advertisement in the newspaper: "For just $1,300 we will pay you $100 forever!" The fine print in the ad says that for a $1,300 deposit, the bank will pay $100 every year in perpetuity, starting one year after the deposit is made. What is the interest rate (as a percent) if the first payments started two years after the deposit is made?

Reference no: EM132924389

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