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You are in a desperate need of cash and turn to your uncle who has offered...

You are in a desperate need of cash and turn to your uncle who has offered to lend you some money. You decide to borrow $1,230 and agree to pay back $1,610 in two years. Collapse question part (a) What annual interest rate is your uncle charging you? (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to two decimal places, e.g. 8.72%.) Rate of interest charged by uncle %

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Answer #1
Calculator
Inputs:
PV      (1,230.000)
PMT                      -  
FV         1,610.00
N                       2
Output:
I/Y = YTM 14.41%

Answer is:

14.41%

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