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Klein Company issues a four-year note in exchange for a license agreement with fair value of $100,000. The contract requires payment of $27,956 at

Klein Company issues a four-year note in exchange for a license agreement with fair value of $100,000. The

Klein Company issues a four-year note in exchange for a license agreement with fair value of $100,000. The contract requires payment of $27,956 at the beginning of each of the four years. The approximate effective interest rate associated with the notes payable is: Multiple Choice 10%. 6%. 796. 8%.

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