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(Solving for r of an annuity) You lend a friend $45,000, which your friend will repay in 9 equal annual end-of-year payments of $7,000, with

(Solving for r of an annuity)

You lend a friend $45,000, which your friend will repay in 9 equal annual end-of-year payments of $7,000, 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

???%

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