EFFECTIVE RATE OF INTEREST Find the interest rates earned on each of the following. Round each answer to two decimal places. a. You borrow $700 and promise to pay back $735 at the end of 1 year. b. You lend $700 and the borrower promises to pay you $735 at the end of 1 year. C. You borrow $69,000 and promise to pay back $137,487 at the end of 8 years. d. You borrow $16,000 and promise to make payments of $5,001.00 at the end of each year for 5 years