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Formula that we derived for use in simple discount loans

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Reference no: EM131877360

Recall the following formula that we derived for use in simple discount loans:

M=P/1-DrT

What annual simple discount rate is required for the debt to triple in 52 weeks? 

Hint: divide both sides of the equation by P and think about the ratio M/P when M is three times as big as P. 

Round your answer to the nearest tenth of a percent.

Reference no: EM131877360

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