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Flounder Company purchased a machine at a price of $92,800 by signing a note payable, which requires a single payment of $123,517 in 3 years.

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Flounder Company purchased a machine at a price of $92,800 by signing a note payable, which requires a single payment of $123,517 in 3 years. Click here to view factor tables Assuming annual compounding of interest, what rate of interest is being paid on the loan? (Round answer to decimal places, eg. 13%) Rate of interest %

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