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. Do not round intermediate calculations. Round your answers to the nearest whole number.

-You borrow $700 and promise to pay back $763 at the end of 1 year.
-You lend $700 and receive a promise to be paid $763 at the end of 1 year.
-You borrow $100,000 and promise to pay back $339,457 at the end of 10 years.
-You borrow $12,000 and promise to make payments of $2,771.70 at the end of each of the next 5 years.

Reference no: EM132572546

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