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You borrow $5,000 and have to pay $5,300 six months later. Calculate the effective annual rate of this loan (c) You bonow $5,000 and have

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You borrow $5,000 and have to pay $5,300 six months later. Calculate the effective annual rate of this loan

(c) You bonow $5,000 and have to pay $5,300 six months later. Calculate the effective annual rate of this loan. (5 marks)

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