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A bank offers you the following deal at retirement: Pay the bank $ 7 0 0 , 0 0 0 today, and the bank will

A bank offers you the following deal at retirement: Pay the bank $

700, 000

today, and the bank will pay you $

29, 000

per year forever. What interest rate is the bank offering? Answer to

4

decimal places, for example

0.1947 .

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