Question
20 years ago, I bought a dog grooming business in downtown Port Coquitlam. Recently, the economic downturn has made me want to sell my business
20 years ago, I bought a dog grooming business in downtown Port Coquitlam. Recently, the economic downturn has made me want to sell my business and change careers . I bought my business for $340,000 and I am hoping to sell it for $1,683,000. However, before I can sell my business I have to pay the listing fees of $34,000. I also have to clean up, paint and haul garbage away for $323,000. Lastly, the closing costs and transfer taxes will cost me $646,000. Assume that I will pay all of these expenses at the time that I sell my business. Using the rule of 70, calculate the average growth that my business gained over the time that I owned it.
calculate: The average growth rate
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