A firm is considering building a high-rise building

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January 4th, 2018

A firm is considering building a high-rise building that it will finance through the sale of bonds. It issues 50-year bonds with a face value of $4,000,000 bearing interest of 5 percent payable annually. The firm finds, however, that it can sell these bonds for only $3,900,000. What is the yearly rate of interest that the firm must actually pay for the funds received?

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