Effective Rate of Interest

Find the interest rate (or rates of return) for each of the following situations. Round your answers to two decimal places.

1. Youborrow$700 and promise to pay back $721 at the end of 1 year.%
2. Youlend$700 and receive a promise to be paid $721 at the end of 1 year.%
3. You borrow $70,000 and promise to pay back $169,511 at the end of 13 years.%
4. You borrow $9,000 and promise to make payments of $2,000 at the end of each year for 6 years.