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Use the formula for the present value of an ordinary annuity or the amortization formula to solve the following problem. PV=$ 12,000 ; PMT=$ 400

Use the formula for the present value of an ordinary annuity or the amortization formula to solve the following problem.

PV=$12,000; PMT=$400; n=55; i=?

i=$_____

(Type an integer or decimal rounded to three decimal places asneeded.)

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