EFFECTIVE RATE OF INTEREST Find the interest rates earned on each of the following:

a. You borrow $700 and promise to pay back $749 at the end of 1 year.

b. You lend $700 and the borrower promises to pay you $749 at the end of 1 year.

c. You borrow $85,000 and promise to pay back $201,229 at the end of 10 years.

d. You borrow $9,000 and promise to make payments of $2,684 80 at the end of each year for 5 years.

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