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Show how it got the answer, please. You lend $1000 to someone today and that person pays you back $1240 exactly 28 months later. There

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You lend $1000 to someone today and that person pays you back $1240 exactly 28 months later. There are no other cash flows. What Effective Annual Rate (EAR) did you charge that person? Write your answer out to three decimals - for example, write 10.6% as .106. Answer: See the course notes and Practice Problems. The correct answer is: 0.097

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