Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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A firm purchases 100 acres of land for $200,000 and agrees to remit 16 equal annual end-of-year installments of $27,103.35 each. What is the true annual interest rate on this loan?
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