Homework Answers
The correct answer is 11.13%
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The annual percentage rate can be calculated using the future value of annuity equation
![A[(1+r) - 1] Future value of annuity=](http://img.homeworklib.com/questions/e4296d60-6781-11ea-ac7c-856263cce651.png?x-oss-process=image/resize,w_560)
Solving for the value of r in the above equation
The monthly percentage rate = 0.9277%
Annual percentage rate = 0.9277% 
12
Annual percentage rate = 11.13%
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