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JoJo Hairstyles is saving money to build a new salon. Three years ago, they set aside $12,000 for this purpose. Today, that account is worth

JoJo Hairstyles is saving money to build a new salon. Three years ago, they set aside $12,000 for this purpose. Today, that account is worth $16,418. What rate of interest is JoJo earning on this money?

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