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eBook Problem 7 - 1 2 You are 2 0 years old and inherit $ 7 5 , 0 0 0 from your grandmother. If

eBook

Problem

7 - 12

You are

20

years old and inherit $

75, 000

from your grandmother. If you wish to purchase a $

116, 300

boat to celebrate your

29

th birthday, what compound annual rate of return must you earn? Use Appendix A to answer the question. Round your answer to the nearest whole number.

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