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An engineer borrows $10000 to buy a personal computer He must repay $21894 a month for 5 years What is the nominal annual interest rate based upon continuous compounding

An engineer borrows $10,000 to buy a personal computer. He must repay $218.94 a month for 5 years. What is the nominal annual interest rate, based upon continuous compounding. Answer: 11% NO EXCEL, need step by step solutions with formulas

 

Apr 08 2020 Read more Less More

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