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Business, 20.06.2020 18:57 joseylynn2728

A local bank is running the following advertisement in the newspaper: "For just $ 3 comma 000 we will pay you $ 240 forever!" The fine print in the ad says that for a $ 3 comma 000 deposit, the bank will pay $ 240 every year in perpetuity, starting one year after the deposit is made. What interest rate is the bank advertising (what is the rate of return of this investment)?

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