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Gene milton borrowed a sum of 5000 from his uncle ben and

Gene Milton borrowed a sum of $5,000 from his uncle Ben and after three years paid a sum of $5,000 and paid another $1000 after 4 years to pay off the loan.

Determine the interest rate Gene paid if the payments were based on yearly compounding.

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Macroeconomics: Gene milton borrowed a sum of 5000 from his uncle ben and

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