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12. You need $16,000 in year 8. Ten years ago, you saved $4,000 for twelve years in the Eastern bank that pays 6% compounded annually.

12. You need $16,000 in year 8. Ten years ago, you saved $4,000 for twelve years in the Eastern bank that pays 6% compounded annually. Starting from year 2, the interest rate you must earn is closest to: 14.4% 18% 12%

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