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Contemporary Engineering Economics (6th Edition) Problem 4.4 Student Emergency Financial Services, Inc., which makes small loans to college students, offers to lend $550. The borrower

Contemporary Engineering Economics (6th Edition) Problem 4.4

Student Emergency Financial Services, Inc., which makes small loans to college students, offers to lend $550. The borrower is required to pay $42 at the end of each week for 16 weeks. Find the interest rate per week. What is the naminal interest rate per year? what is the effective interest rate per year?

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