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A mine is for sale for $240,000. It is believed the mine will produce a profit of $65,000 the first year, but the profit will
A mine is for sale for $240,000. It is believed the mine will produce a profit of $65,000 the first year, but the profit will decline $5000 a year after that, eventually reaching zero, whereupon the mine will be worthless. What rate of return would this $240,000 investment produce for the purchaser of the mine? Please use the compound interest table to solve the questions. Do not use F=p(1+i)^n or any other formula unless we can't use the table.
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