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Alex deposits $6658 today and is promised to receive a (one time) fixed payback of $7434 at the end of the 8th year. What is

Alex deposits $6658 today and is promised to receive a (one

time) fixed payback of $7434 at the end of the 8th year.

What is the implied annual rate of return?

The implied annual rate of return is

(Please retain at least 4 decimal places in your calculations

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