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If you have $ 5 , 2 5 1 right now and want to buy a boat that you estimate will cost $ 2 3

If you have $

5, 251

right now and want to buy a boat that you estimate will cost $

23, 217

11

years, what annual rate would you need to earn to have enough to buy the boat at that time?

(

assume quarterly compounding and round your answer to

2

decimal places

)

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