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A benefactor invested $ 1 , 0 0 0 , 0 0 0 for 1 5 years and gave the principal and accrued interest of

A benefactor invested $

1, 000, 000

for

15

years and gave the principal and accrued interest of $

1, 200, 000

to the trust.

)

What simple interest rate did the investment earn?

)

Had the interest been compounded annually at that rate, what would have been the value of the gift?

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