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The note is payable in four annual installments of 3

Question - At the beginning of 2016, VHF Industries acquired a equipment with a fair value of $9,112,050 by issuing a four-year, noninterest-bearing note in the face amount of $12 million. The note is payable in four annual installments of $3 million at the end of each year.

What is the effective rate of interest implicit in the agreement?

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Accounting Basics: The note is payable in four annual installments of 3

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