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Durban Corporation is interested in acquiring a machine that it can buy for $140,000 in cash. Alternatively, Durban can make five equal payments of $40,000
Durban Corporation is interested in acquiring a machine that it can buy for $140,000 in cash. Alternatively, Durban can make five equal payments of $40,000 each, the first one due after one year, to purchase the same machine. Find the implied interest rate in the second option.
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