A firm purchases $100$ acres of land for $$200,000$ and agrees to remit $16$ equal annual end$-$of$-$year installments of $$27,103\mathrm{.}35$ each. What is the true annual interest rate on this loan?

Question $21$Answer

a$.$

$14\mathrm{.}00\%$

b$.$

$20\mathrm{.}00\%$

c$.$

$17\mathrm{.}00\%$

d$.$

$11\mathrm{.}00\%$