Compute the specified quantity.A 5 year bond costs $10,000 and will pay a total of $4,400 in interest over its lifetime. What is its annual interest rate r (as a percent)? (Round your answer to three decimal places.)%r =

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Answered: Compute the specified quantity. A 5…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Compute the specified quantity. A 5 year bond costs $10,000 and will pay a total of $4,400 in interest over its lifetime. What is its annual interest rate r (as a percent)? (Round your answer to three decimal places.) r= %