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Find the effective annual rate of return on his annual investment over the 7 year period. Juan invested $21,000 in a mutual fund 7 yr

Find the effective annual rate of return on his annual investment over the

7

year period.

Juan invested $21,000 in a mutual fund 7 yr ago. Today his investment is worth $41,447. Find the effective annual rate of return on his investment over the 7-yr period. (Round your answer to two decimal places.)

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