Annual interest rate, You are in desperate need of cash and

Annual interest rate

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Reference no: EM131464259

You are in desperate need of cash and turn to your uncle, who has offered to lend you some money. You decide to borrow $1,210 and agree to pay back $1,710 in two years.

What annual interest rate is your uncle charging you? (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to two decimal places, e.g. 8.72%.)

Reference no: EM131464259

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