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Flora's Flowers bought a new van last year for $10,000. It can now sell the van ...
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Flora's Flowers bought a new van last year for $10,000. It can now sell the van for $8,500. To buy this year's model it would have to pay $11,000. Flora's also had to take out a $9,000 loan to buy the van which had to be paid back in yearly installments of $3,300 per year over three years. What is the implicit rental rate of the first year's use of the van?
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