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Jeff has the option to purchase a couch for $1400 in cash today or by making semi-annual payments of $123.72 for the next 8 years

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Jeff has the option to purchase a couch for $1400 in cash today or by making semi-annual payments of $123.72 for the next 8 years starting in 6 months. Use linear interpolation to determine the interest rate j2 that is being used? Note: When determining the upper and lower bounds for the nominal rate j2%, round to integer percentages. Answer: %

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