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a. A bank offers to lend you K25, 000, 000 to buy equipment for your growing business. You must sign a loan contract calling for

a. A bank offers to lend you K25, 000, 000 to buy equipment for your growing business. You must sign a loan contract calling for payments of K2, 545,160 at the end of each of the next 25 years.

(i) What rate of interest is the bank offering you?

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