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Find the interest rate (or rates of return) for each of the following situations. Round your answers to two decimal places. a) You borrow $700
Find the interest rate (or rates of return) for each of the following situations. Round your answers to two decimal places.
a) You borrow $700 and promise to pay back $742 at the end of 1 year.
%
b) You lend $700 and receive a promise to be paid $742 at the end of 1 year.
%
c) You borrow $90,000 and promise to pay back $197,905 at the end of 9 years.
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d) You borrow $10,000 and promise to make payments of $2,445.7 at the end of each year for 5 years.
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