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What effective annual rate are you paying

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Reference no: EM132996121

Question - Assume you just received a bill for services you and have the following two payment options:

Option 1: Or Option 2: Pay the entire bill of $600 now

Pay: $130 now

And $130 for each of the next 4 months

What Effective Annual Rate are you paying if you choose Option 2? Assume monthly compounding. Round you answer to the nearest two decimal points.

Reference no: EM132996121

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