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Your bank will lend you $4,000 for 45 days at a cost of $50 interest. What is your effective rate of interest?
8-4. Solution:
Effective rate= (xxx/xxx)×((xxx (xxxx)/(xxx)
= ($xx/$x, xxx)×((xxx )/xx)
= ($xx/$x, xxx)×((xxx )/xx)
=x.xx%×x=xx%
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