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Ross Land has a loan of $8,500 compounded quarterly for five years at 8%. What is the effective interest rate for the loan? Click here

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Ross Land has a loan of $8,500 compounded quarterly for five years at 8%. What is the effective interest rate for the loan? Click here to view page 1 of the future value table. Click here to view page 2 of the future value table. The effective interest rate is %. (Round to two decimal places as needed.)

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