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Question 7 : The current present value of a note payable owed by Juggernaut is $ 1 , 0 4 1 , 3 9 6

Question

7

: The current present value of a note payable owed by Juggernaut is $

1, 041, 396 .

The company is expected to pay $

221, 000

at each year

-

end for

7

years. What annual interest rate is being assumed by the note? Use the RATE formula.

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