You lend a friend $30,000, which your friend will repay in 5 equal annual end-of-year payments of $10,000, with the first payment to be received 1 year from now. What rate of return does your loan receive?

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You lend a friend $30,000, which your friend will repay in 5 equal annual end-of-year payments of $10,000, with the first payment to be received 1 year from now. What rate of return does your loan receive?

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