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Josephine deposits $9500 today and is promised a return of $16150 in 8 years. What is the implied annual rate of return? 2.89% 6.86% 4.03%

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Josephine deposits $9500 today and is promised a return of $16150 in 8 years. What is the implied annual rate of return? 2.89% 6.86% 4.03% 5%

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