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Suppose your bank offers a certificate of deposit which returns to you (guaranteed) $1,118 1 PERIOD from now for each $1000 you invest today. What

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Suppose your bank offers a certificate of deposit which returns to you (guaranteed) $1,118 1 PERIOD from now for each $1000 you invest today. What is the period interest rate (the risk-free rate)? Express your answer as a percent. For example, do not write 4.29%, write 4.29. Round your answer to 2 decimal places, as in the previous sentence

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