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You lend a friend $20,000, which your friend will repay in 12 equal annual end-of-year payments of $3,000, with the first payment to be received

You lend a friend $20,000, which your friend will repay in 12 equal annual end-of-year payments of $3,000, with the first payment to be received 1 year from now. What rate of return does your loan

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