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Compute the nominal annual rate of interest for the following ordinary simple annuity: Present Value is $7,000.00 Periodic Rent is $120.00 Payment Interval is 1

Compute the nominal annual rate of interest for the following ordinary simple annuity:

Present Value is $7,000.00

Periodic Rent is $120.00

Payment Interval is 1 month

Term is 6 years

Conversion Period is monthly

(The correct answer is 7.20%, give or take 0.01. How do we get to that answer?)

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