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Q 2-7 You receive a one-year loan of $500 from a mean cousin who asks for 10% interest paid in advance (we call this a

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Q 2-7 You receive a one-year loan of $500 from a mean cousin who asks for 10% interest paid in advance (we call this a 10% discount rate). The principal is to be returned in one year. Draw the corresponding timeline, and determine the effective rate of interest on the loan

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