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Two options work out at the same cost

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You are keen to obtain a helicopter pilot's license. A club offers you lessons over two years, with a choice between the following payment terms:

  1. You pay the full fees ($10,000) immediately with a 5% discount
  2. You make two equal annual payments, the first one due immediately.

At what interest rate would these two options work out at the same cost?

Reference no: EM132107876

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