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Punjab Company borrowed $114,000 from its bank. Punjab will repay $140,000 in 7 years. What...

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Accounting

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Punjab Company borrowed $114,000 from its bank. Punjab will repay $140,000 in 7 years. What is the approximate interest rate that Punjab will incur on this loan, assuming annual compounding? Use a financial calculator or a spreadsheet to derive your answer. (Do not round any intermediary calculations, and round your final answer two decimal places, X.XX%.) 2.98% 3.79% 81.43% 2.16%

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