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12) A so-called friend has offered to loan you $1,000 for one year. At the end of the year you must pay your friend $2,000.

12) A so-called friend has offered to loan you $1,000 for one year. At the end of the year you must pay your friend $2,000. What is the APR on this loan if interest is compounded daily?

A) 50.00% B) 100.00%C) 69.38%D) 96.30% E) 81.33%

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