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Roger has just lost a lawsuit and has agreed to make equal annual payments of $13,950 for the next 8 years with the first payment

Roger has just lost a lawsuit and has agreed to make equal annual payments of $13,950 for the next 8 years with the first payment due today. The value of this liability today is $93,000. What is the interest rate on the payments?

a. 4.82%

b. 4.07%

c. 5.29%

d. 5.58%

e. 4.24%

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