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A man plans to take a vacation in 5 years. He wants to buy a certificate of deposit for $1300 that he will cash in

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A man plans to take a vacation in 5 years. He wants to buy a certificate of deposit for $1300 that he will cash in for the trip. What is the minimum annual interest rate he must obtain on the certificate if he needs at least $1700 for the trip? Assume that the interest on the loan is computed using simple interest. The rate he must obtain is %. (Round to two decimal places as needed.)

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