Problem
In 1555 King Henry borrowed money from his bankers on the condition that he pay 5% of the loan at each fair (there were four fairs per year) until he had made 40 payments. At that time the loan would be considered repaid. What effective annual interest did King Henry pay?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.