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Name and Instructions Number 1 Nu (2 points) You are considering purchasing land for investment. The current landowner is willing sell you the land in

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Name and Instructions Number 1 Nu (2 points) You are considering purchasing land for investment. The current landowner is willing sell you the land in exchange for a $70,000 note payable over 12 years. The landowner would require a payment of $10,273 at the end of each year for 12 years. Calculate the annual interest rate on this loan. (hint: this is an internal rate of return problem)

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