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Admiral trust company makes an amortized loan of 47000 to

Admiral Trust Company makes an amortized loan of $47,000, to be repaid by annual end-of-year payments of $4,675 for eighteen years. In order to replenish its capital, the company will make level annual payments into a sinking fund account earning 5% interest.

If the sinking fund account is held by a third party, what is Admiral Trust Company's yield rate assuming complete replacement of capital?

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Financial Management: Admiral trust company makes an amortized loan of 47000 to

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