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You are shopping for a car and read the following advertisement in the newspaper: Own a new Spitfire! No money down. Four annual payments of

You are shopping for a car and read the following advertisement in the newspaper:

"Own a new Spitfire! No money down. Four annual payments of just $

19, 000 . "

end of each year.

The rate that equates the PV of the payments to today's cash price of the car is

% . (

Enter your response as a percent rounded to two decimal places.

)

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