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Jeff has the option to purchase a couch for $700 in cash today or by making quarterly payments of $32.89 for the next 7 years

Jeff has the option to purchase a couch for $700 in cash today or by making quarterly payments of $32.89 for the next 7 years starting in one quarter. Use linear interpolation to determine the interest rate j_4 that is being used?

Note: When determining the upper and lower bounds for the nominal rate j_4%, round to integer percentages.

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