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(Solving for r of an annuity) You lend a friend $20,000, which your friend will...

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Finance

(Solving for r of an annuity) You lend a friend $20,000, which your friend will repay in 7 equal annual end-of-year payments of $4,000,

with the first payment to be received 1 year from now. What rate of return does your loan receive?

The rate of return your loan will receive is [ ]%.

(Round to two decimal places.)

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