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Assume that 5 years from now you will need RM2000. Your bank compounds interest at a 6% annual rate. If you have only RM1,050 at

Assume that 5 years from now you will need RM2000. Your bank compounds interest at a 6% annual rate.

If you have only RM1,050 at the end of Year 1, what interest rate, compounded annually,would you have to earn to have the necessary RM2,000 at Year 5?

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