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What interest rates are implied by the following lending arrangements? You lend $760 and are repaid $1,129.32 in five years with quarterly compounding. Round the
What interest rates are implied by the following lending arrangements?
- You lend $760 and are repaid $1,129.32 in five years with quarterly compounding. Round the answer to the nearest whole percentage. Do not round your intermediate calculations. (Note: Be sure to give your answer as the annual nominal rate.) fill in the blank 3 %
- You borrow $12,500 and repay $21,364.24 in three years under monthly compounding. Round the answer to the nearest whole percentage. Do not round your intermediate calculations. (Note: Be sure to give your answer as the annual nominal rate.)
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