Effective rate of interest

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Effective Rate of Interest

Find the interest rate (or rates of return) in each of the following situations. Round your answers to two decimal places.

You borrow $700 and promise to pay back $728 at the end of 1 year.

%

You lend $700 and receive a promise to be paid $728 at the end of 1 year.

%

You borrow $60,000 and promise to pay back $162,820 at the end of 11 years.

%

You borrow $10,000 and promise to make payments of $2,445.7 at the end of each of the next 5 years.

%

Reference no: EM131530881

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