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David Company borrowed $550,000 on December 31, 2018. The loan will be paid with six equal annual payments of $122,606, beginning on December 31,

David Company borrowed $550,000 on December 31, 2018. The loan will be paid with six equal annual payments of $122,606, beginning on December 31, 2019. The rate of interest compounded annually for the loan is most nearly equal to O 8%. O 7%. O 9%. 6%.

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