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Big Warehouses borrowed $102,700 from a bank and signed a note requiring 13 annual payments of $8,464 beginning one year from the date of the

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Big Warehouses borrowed $102,700 from a bank and signed a note requiring 13 annual payments of $8,464 beginning one year from the date of the agreement. Required: Determine the interest rate implicit in this agreement. Note: Use tables, Excel, or a financial calculator. Round percentage answer to one decimal place. (FV of $1, PV of \$1, FVA of \$1, PVA of \$1. EVAD of \$1 and PVAD of \$1)

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