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Compute the specified quantity.

You are expecting a tax refund of $4,000 in 5 weeks. A tax preparer offers you an "interest-free" loan of $4,000 for a fee of $50 to be repaid by your refund check when it arrives in5 weeks. Thinking of the fee as interest, what simple interest rate would you be paying on this loan? HINT (Round your answer to three decimal places.)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91617985

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