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eBook Expected Rate of Return Washington-Pacific (W-P) invests $3 million to buy a tract of land and plant some young pine trees. The trees can

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Expected Rate of Return

Washington-Pacific (W-P) invests $3 million to buy a tract of land and plant some young pine trees. The trees can be harvested in 15 years, at which time W-P plans to sell the forest at an expected price of $6 million. What is W-P's expected rate of return? Do not round intermediate calculations. Round your answer to two decimal places.

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