Multiple Choice
Ms.Dunlap has just won the big bingo prize.She has two options for receiving her prize.She can either take a $1,050 now or two installments of $550, one now and one next year.At what interest rate would the two payments be equivalent?
A) 4.75 percent.
B) 8.25 percent.
C) 10 percent.
D) 15 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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