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What is the banks APR

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Reference no: EM132494913

Question 1) You would like your salary to double in amount in 8 years. How fast (% rate) does it have to grow on average per year?

Question 2) A bank compounds its interests semi-annually. If you borrowed $1,000 and paid back the loan after one year in one lump sum equal to $1,102.50, what is the bank's APR?

Reference no: EM132494913

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