Multiple Choice
If a borrower promises to pay you $1,900 nine years from now in return for a loan of $1,000 today, what effective annual interest rate is being offered?
A) 5.26 percent
B) 7.39 percent
C) 9.00 percent
D) 10.00 percent PV =
Correct Answer:
Verified
Correct Answer:
Verified
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