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A property worth $17,000 is purchased for10% down and payments of $2,459 at the end of every year for 8 years. What is the nominal

A property worth $17,000 is purchased for10% down and payments of $2,459 at the end of every year for 8 years. What is the nominal annual rate ofinterest?

Answer:

The nominal annual rate of interest is approximately __% compounded annually.

(Round to two decimal places asneeded.)

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