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| rev | Admin | (Created page with "'''Solution: A''' Present value = x Payments = x/20 or .05x for 24 months Interest rate = i per month To calculate annual interest rate we must first set up the equation for this annuity: <math display = "block"> \begin{aligned} & \mathrm{x}=.05x \ddot{a }_{\overline{24}|i} \\ & 1=.05 \ddot{a}_{\overline{24}|i} \\ & 20=\left(\left(1-\mathrm{v}^{24}\right) / \mathrm{d}\right) \\ & 20 \mathrm{~d}=1-(1 / 1+\mathrm{i})^{24} \\ & \mathrm{i}=.01655 \quad \text { monthly...") | Nov 22'23 at 0:24 | +855 |