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Chetebess Corporation has borrowed Sh. 7,000,000 from a bank. Chetebess will repay the loan in ten annual installments of Sh. 300,000 each. The first installment

Chetebess Corporation has borrowed Sh. 7,000,000 from a bank. Chetebess will repay the loan in ten annual installments of Sh. 300,000 each. The first installment will be paid a year from now. Find the rate of interest charged by the bank.

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