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Four years ago, you bought a racehorse for $750,000. At the end of each year the horse produced $250,000 in winnings net of all expenses.

Four years ago, you bought a racehorse for $750,000. At the end of each year the horse produced $250,000 in winnings net of all expenses. Today, you sold the horse for $4,000,000. What was your annual rate of return over the 4-year period?

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