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What would be the effective annual rate of interest

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Question - You were asked to pay an annual road fund tax. You have two payment options: either pay the full which currently is £135.00 per year or you can pay it in two instalments of £74.25, the first immediately and the second six months later. What would be the effective annual rate of interest that would make you indifferent between these two payment plans?

Reference no: EM132980609

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