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What annual interest rate is the bank charging

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Suppose that you borrow $10,000 today from First Bank of Las Vegas and promise to pay this loan back in 5 years with a total payment (principal plus interest) of $15370. What annual interest rate is the bank charging? Assume that compounding is annual.

Do not round at intermediate steps in your calculation. Report the rate in percent to two decimal places. Do not type the % symbol.

Reference no: EM131567871

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