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You are in desperate need of cash and turn to your uncle, who has offered to lend you some money. You decide to borrow $1,400

You are in desperate need of cash and turn to your uncle, who has offered to lend you some money. You decide to borrow $1,400 and agree to pay back $1,610 in two years.

What annual interest rate is your uncle charging you?

Rate of interest charged by uncle

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