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Part 1

Interest

rate.

Upstate Bank is offering long-term certificates of deposit with a face value of

$100,000

(future value). Bank customers can buy these CDs today for

$35,000

and will receive the

$100,000

in

30

years. What interest rate is the bank paying on these CDs?

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Part 1

What interest rate is the bank paying on these CDs?

enter your response here%

(Round to two decimal places.)