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A commercial house offers financing to its clients through 12 monthly installments, the first installment payable on the day of purchase. The value of each

image text in transcribed A commercial house offers financing to its clients through 12 monthly installments, the first installment payable on the day of purchase. The value of each installment is equal to the cost of the product divided by 11 . Find the annual effective interest rate charged by the establishment

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