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Compute the specified quantity. A 7 year bond costs $1,000 and will pay a total of $100 interest over its lifetime. What is its annual interest rate r (as a percent)? (Round your answer to three decimal places.) r = 1.4 X %

Compute the specified quantity. A 7 year bond costs $1,000 and will pay a total of $100 interest over its lifetime. What is its annual interest rate r (as a percent)? (Round your answer to three decimal places.) r = 1.4 X %

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Compute the specified quantity. A 7 year bond costs $1,000 and will pay a total of $100 interest over its lifetime. What is its annual interest rate r (as a percent)? (Round your answer to three decimal places.) r = 1.4 X % Need Help? Watch It Read It
Transcribed Image Text:Compute the specified quantity. A 7 year bond costs $1,000 and will pay a total of $100 interest over its lifetime. What is its annual interest rate r (as a percent)? (Round your answer to three decimal places.) r = 1.4 X % Need Help? Watch It Read It
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