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Solving for r of an annuity You lend a friend $40,000 which your friend will repay in 55 equal annual end-of-year payments of 10,000 with

Solving for r of an annuity

You lend a friend

$40,000

which your friend will repay in

equal annual end-of-year payments of

10,000

with the first payment to be received 1 year from now. What rate of return does your loan receive?

The rate of return your loan will receive is?

(Round to two decimal places.)

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