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Jim wants to buy a $ 3 5 0 , 0 0 0 rental property within seven years by saving money at the end of

Jim wants to buy a $

350, 000

rental property within seven years by saving money at the end of each month at

8.3 %

annual interest. They have already saved $

115, 000 .

If they save $

2, 000

each month, what annual interest rate would they need to meet their goal?

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