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grov v til loro in 5 dividing 100 % by 5, we find the growth rate to be 20% per Oi years; so year." Is the statement correct? 2 EFFECTIVE RATE OF INTEREST Find the interest rates earned on each of the following a. You borrow $720 and promise to pay back $792 at the end of 1 year. b. You lend $720 and the borrower promises to pay you $792 at the end of 1 year. C. You borrow $65,000 and promise to pay back $98,319 at the end of 14 years. d. You borrow $15,000 and promise to make payments of $4,058.60 at the end of each year for 5 years