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Como Company borrowed $5,200 from its bank. Como will repay $7,300 in five years. What is the approximate interest rate that Como will incur on
Como Company borrowed $5,200 from its bank. Como will repay $7,300 in five years. What is the approximate interest rate that Como will incur on this loan, assuming annual compounding? Use the future value of $1 table. Excerpt of Future Value of $1 Table
| Periods | 7% | 8% | 9% |
| 1 | 1.07000 | 1.08000 | 1.09000 |
| 2 | 1.14490 | 1.16640 | 1.18810 |
| 3 | 1.22504 | 1.25971 | 1.29503 |
| 4 | 1.31080 | 1.36049 | 1.41158 |
| 5 | 1.40255 | 1.46933 | 1.53862 |
| 6 | 1.50073 | 1.58687 | 1.67710 |
Group of answer choices
7%
8%
9%
29%
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