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What toronto cancer society receive to fund the purchase

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Problem 1: The Toronto Cancer Society needs $70,000 for the purchase of a new cancer treatment piece of equipment in four years. If The Toronto Cancer Society is able to deposit $47,811 at the beginning of this year, what rate of interest - compounded annually - must The Toronto Cancer Society receive to fund the purchase of this piece of equipment in four years?

a. 11%
b. 9%
c. 10%
d. 8%
e. 7%

Reference no: EM132763649

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