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In 1980s, Nate borrowed $38, 672 from bank and his friends to expend his casino business. Nate set up an aim to pay $2, 500

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In 1980s, Nate borrowed $38, 672 from bank and his friends to expend his casino business. Nate set up an aim to pay $2, 500 at the end of each week for 16 weeks. Find the interest rate per week. What are the nominal rate per year and the effective interest rate per year? Assume 1 year = 52 weeks

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