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Find the effective annual rate of interest (as a %, 2 decimal places) at which an amount of $2,000 today will accumulate to $6200 in

Find the effective annual rate of interest (as a %, 2 decimal places) at which an amount of $2,000 today will accumulate to $6200 in 8 years.

(Solve using excel =RATE function; Answer in percentage rounded to two decimals without the % sign e.g. 1.8891 is 1.89)

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