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Kirk Van Houten, who has been married for 24 years, would like to buy his wife an expensive diamond ring with a platinum setting on

Kirk Van Houten, who has been married for

years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be

$12,000

years. Kirk currently has

$4,467

to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring?

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