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You are made the following offer by a friend: Give them $10,000.05 now and they will give you $210.02 per month for the next 5
You are made the following offer by a friend: Give them $10,000.05 now and they will give you $210.02 per month for the next 5 years. At the end of 5 years payments will stop and your account balance will be $0. What interest rate are they basing this "deal" upon? Assume annual interest compounded monthly.
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