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After losing a bet, Bruce owes Rick $25,000, and the money is due exactly 5 years from today. Rick offers a $500 discount if Bruce
After losing a bet, Bruce owes Rick $25,000, and the money is due exactly 5 years from today. Rick offers a $500 discount if Bruce were to instead pay him today. What annual interest rate is Bruce paying if he chooses to wait and pay Rick on the original due date? Assume annual compounding and enter your answer as a decimal rounded to four decimal places
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