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QUESTION
Dr. Painkiller is going to borrow $8,700 for one year at 10 percent interest. What is the annual rate of interest if the loan is discounted?
Dr. Painkiller is going to borrow $8,700 for one year at 10 percent interest.
What is the annual rate of interest if the loan is discounted? (Use 365 days in a year. Do not round intermediate calculation. Round the final answer to 2 decimal places.)
Annual rate of interest
