Effective Rate of Interest
Find the interest rate (or rates of return) for each of the following situations. Round your answers to two decimal places.
You borrow $750 and promise to pay back $795 at the end of 1 year.
%
You lend $750 and receive a promise to be paid $795 at the end of 1 year.
%
You borrow $95,000 and promise to pay back $144,317 at the end of 10 years.
%
You borrow $10,000 and promise to make payments of $3,550 at the end of each year for 3 years.
%