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Your bank has agreed to loan you $ 3 , 0 0 0 if you agree to pay a single lump sum of $ 5

Your bank has agreed to loan you $3,000 if you agree to pay a single "lump sum" of $5,055 in five years. What annual rate of interest will you be paying?
a)13.2%d)16.7%
b)15% e)9.9%
c)11%

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