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Bobby borrowed $7,000 from his father to purchase a high-end bike. Bobby paid back $9,000 to his father at the end of 4 years. What

Bobby borrowed $7,000 from his father to purchase a high-end bike. Bobby paid back $9,000 to his father at the end of 4 years. What was the average annual compound rate of interest on Bobbys loan from his father?

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