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Question 3: You want to buy a television and you have two choices on how to purchase it. You can pay $1,000 cash today, or

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Question 3: You want to buy a television and you have two choices on how to purchase it. You can pay $1,000 cash today, or you can finance the purchase with the store from which you are purchasing. If you choose option 2, you pay $1,100 dollars in two (2) years from today for the television. Calculate the monthly compounded rate of interest you are being charged by the store. (5 marks]

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