Determine the interest rate earned

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Reference no: EM131821578

1. What annual rate of return is implied on a $2,500 loan taken next year when $4,875 must be repaid in year 6? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

2. How much would be in your savings account in 9 years after depositing $280 today if the bank pays 9 percent per year? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

3. Determine the interest rate earned on a $2,850 deposit when $3,450 is paid back in one year. (Round your answer to 2 decimal places.)

Reference no: EM131821578

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