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Gilligan is offered two options to pay for the purchase of a new boat: (1) pay the entire price of the boat now (2) pay

Gilligan is offered two options to pay for the purchase of a new boat: (1) pay the entire price of the boat now (2) pay 111th of the price of the boat at the beginning of each month for the next 12 months Find the annual effective interest rate at which the present values of the two options are equal.

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