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What is the interest rate, r when the present value of a perpetuity is $ 6 3 , 7 0 0 and the payments are

What is the interest rate, r when the present value of a perpetuity is $

63, 700

and the payments are $

5, 000 ?

The first payment occurs one year from now. Enter your answer as a percentage. Do not include the percentage sign in your answer.

Enter your response below

(

rounded to

2

decimal places

) .

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