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Compute the effective-interest rate to the nearest percent

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Question - Recently, Amy Estes was interested in purchasing a Honda Acura. The salesperson indicated that the price of the car was either $28,900 cash or $7,400 at the end of each of 5 years. Compute the effective-interest rate to the nearest percent that Amy would pay if she chooses to make the five annual payments.

Reference no: EM132612085

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