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An investor buys an ETF that tracks the performance of the S&P 500 Index at $141.25 per share, the closing price on the last business
An investor buys an ETF that tracks the performance of the S&P 500 Index at $141.25 per share, the closing price on the last business day of 2013. At the end of 2023 (10 years later) the price of this ETF is $432.50 per share. Assume that no dividends were paid during this 10-year period. What is the 10-year compound annual growth rate (CAGR) or geometric average return on this ETF investment? (Show your work and answer rounded to two places to the right of the decimal point, e.g. xx.xx%.)
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