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The past five years you have been managing the family fortune that was left to you by your grandparents-- value $20,000,000 (5 years ago). Unfortunately,
- The past five years you have been managing the family fortune that was left to you by your grandparents-- value $20,000,000 (5 years ago). Unfortunately, the assets have been decreasing at a rate of 7.5% per year. You promised your family that you would let someone else manage the assets if the investments ever fell to one-half the original value. If you keep losing money at 7.5% per year, how many years do you have left before you give up your money management position?
- A 20-year, monthly-payment mortgage loan of $100,000 has an annual debt service of $10,990.40. The annual interest rate of this loan is:
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