Ed is buying a new home entertainment system that costs $32,000. His payments are $711.82 per month and he has financed the system for 60 months. What is the annual interest rate?

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Jazlyn will receive $100,000 in five years from her grandmother’s estate. However, Jazlyn needs the money today. Andrea has offered to give her the money now but requires an 18 percent return (discount rate) in exchange for getting the money early. How much should Jazlyn expect to receive today?

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