An investor invests $8,000,000 for 10 years The $8,000,000 in the account is compounded annually (once a year) at annual rate R 1 After 10 years the amount of money in the account will be $26,574,251 15 Calculate the annual rate R 1

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An investor invests $8,000,000 for 10 years. The $8,000,000 in the account is compounded annually (once a year) at annual rate R 1 . After

An investor invests $8,000,000 for 10 years. The $8,000,000 in the account is compounded annually (once a year) at annual rate R₁.

After 10 years the amount of money in the account will be: $26,574,251.15

Calculate the annual rate R₁.

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