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Josephine is seeking to expand her rare stamp collection. Each year, rare stamps increase in price at a three percent rate. She can currently buy

Josephine is seeking to expand her rare stamp collection. Each year, rare stamps increase in price at a three percent rate. She can currently buy 15 stamps and hopes to be able to buy 16 next year. What is the approximate nominal rate she would need to arn to enable her to buy the 16 stamps in one year?

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