Multiple Choice
Your company borrows $55,000 today to fund its growth initiatives. It must repay the bank in four annual payments of $17,100 at the end of each year. What annual interest rate is your firm paying?
A) 7.76 percent
B) 8.26 percent
C) 9.33 percent
D) 10.26 percent
Correct Answer:
Verified
Correct Answer:
Verified
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