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( Annuity interest rate ) You ' ve been offered a loan of $ 4 0 , 0 0 0 , which you will have

(

Annuity interest

rate

)

You

'

ve been offered a loan of

40, 000,

which you will have to repay in

5

equal annual payments of

11, 000,

with the first payment due one year from now. What interest rate would you pay on that

loan?

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