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Smith lends Jones $900 for one year. After six months Jones and Smith agree to settle the debt at that time for $960. Which of

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Smith lends Jones $900 for one year. After six months Jones and Smith agree to settle the debt at that time for $960. Which of the following correctly expresses the annual effective rate of discount for this transaction? Possible Answers A 1/15 B 1/16 C 2/17 D 31/(15)2 E 31/(16)

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