Problem 5.7 (Part Level Submission) You are in a desperate need of cash and turn to your uncle who has offered to lend you some money. You decide to borrow $1,380 and agree to pay back $1,800 in two years.

(a)

What annual interest rate is your uncle charging you? (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to two decimal places, e.g. 8.72%.)

Rate of interest charged by uncle

%

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(b) The parts of this question must be completed in order. This part will be available when you complete the part above.