Problem
Power Designs' professional liability insurance can be paid annually or semiannually. If paid annually, it costs $12,000. If paid semiannually, $750 is added to each payment. If the installment plan is chosen, what is the effective annual rate being paid on the "loan"?
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.