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Compute the effective interest rate for cornell corp

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Reference no: EM132836627

Problem 1: On July 1, 2002, Cornell corp. received a one-year note with a face value of ?900,00 and a stated interest rate of 15% in exchange for a machine with a fair value of ?1,000,000. Compute the effective interest rate for Cornell corp.

a. 16.67 percent

b. 15.0 percent

c. 3.5 percent

d. 11.11 percent

Reference no: EM132836627

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