Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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![If $1, 200 grows to $1, 781 in 7 years,
determine the interest rate over that period.
The interest rate was approximately %](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb19636a8-c820-4e28-95d6-ae9ac3398f81%2F00967c72-f84b-40b2-bc41-84b74f5e427b%2F4k042kx_processed.jpeg&w=3840&q=75)
Transcribed Image Text:If $1, 200 grows to $1, 781 in 7 years,
determine the interest rate over that period.
The interest rate was approximately %
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