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(1 point) (Exercise 6.37) A common stock is purchased at a price equal to 12 times current earnings. During the next 6 years the stock

(1 point) (Exercise 6.37) A common stock is purchased at a price equal to 12 times current earnings. During the next 6 years the stock pays no dividends, but earnings increase 60%. At the end of 6 years the stock is sold at a price equal to 16 times earnings. Find the effective annual yield rate earned on this investment. ANSWER = %

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