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RKI Instruments borrowed $4,850,000 from a private equity firm for expansion of its facility for manufacturing carbon monoxide monitors. The company repaid the loan after

RKI Instruments borrowed $4,850,000 from a private equity firm for expansion of its facility for manufacturing carbon monoxide monitors. The company repaid the loan after 1 year with a single payment of $5,300,000. What was the interest rate on the loan? The interest rate on the loan was % per year

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