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Pina Company purchased a machine at a price of $ 93,400 by signing a note payable, which requires a single payment of $ 108,942 in
Pina Company purchased a machine at a price of $93,400 by signing a note payable, which requires a single payment of $108,942 in 2 years.
Assuming annual compounding of interest, what rate of interest is being paid on the loan? (Round answer to 0 decimal places, e.g. 13%.)
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