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7.29 You wish to buy a fancy mountain bike. You can either pay $800 cash now or make end-of-month payments of $100, 95, 90, 85,

7.29 You wish to buy a fancy mountain bike. You can either pay $800 cash now or make end-of-month payments of $100, 95, 90, 85, . . ., 45 over the next 12 months. What is the effective annual rate for the second payment plan?

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