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Find the interest rates earned

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Reference no: EM132822432

Problem - EFFECTIVE RATE OF INTEREST - Find the interest rates earned on each of the following:

a. You borrow $720 and promise to pay back $792 at the end of 1 year.

b. You lend $720 and the borrower promises to pay you $792 at the end of 1 year.

c. You borrow $65,000 and promise to pay back $98,319 at the end of 14 years.

d. You borrow $15,000 and promise to make payments of $4,058.60 at the end of each year for 5 years.

Reference no: EM132822432

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