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Compute the specified quantity. A 7 year bond costs $1,000 and will pay a total of $100 interest over its lifetime. What is its annual interest rate r (as a percent)? (Round your answer to three decimal places.) r = 1.4 X %

Compute the specified quantity. A 7 year bond costs $1,000 and will pay a total of $100 interest over its lifetime. What is its annual interest rate r (as a percent)? (Round your answer to three decimal places.) r = 1.4 X %

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section7.7: Writing Exponential Functions
Problem 24PPS
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Compute the specified quantity. A 7 year bond costs $1,000 and will pay a total of $100 interest over its lifetime. What is its annual interest rate r (as a percent)? (Round your answer to three decimal places.) r = 1.4 X % Need Help? Watch It Read It
Transcribed Image Text:Compute the specified quantity. A 7 year bond costs $1,000 and will pay a total of $100 interest over its lifetime. What is its annual interest rate r (as a percent)? (Round your answer to three decimal places.) r = 1.4 X % Need Help? Watch It Read It
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