A local bank is running the following advertisement in the, Financial Management

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A local bank is running the following advertisement in the

A local bank is running the following advertisement in the newspaper. “For just $3,000 we will pay you $270 forever!” The fine print in the ad says that or a $3,000 deposit, the bank will pay $270 every year in perpetuity, starting one year after the deposit is made. What interest rate is the bank advertising (what is the rate of return of this investment)? Round to the nearest integer.

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