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Kirk VanHouten, who has been married for 23 years, would like to buy his wife an expensive diamond ring with a platinum setting on their30-year
Kirk VanHouten, who has been married for 23 years, would like to buy his wife an expensive diamond ring with a platinum setting on their30-year wedding anniversary. Assume that the cost of the ring will be $11,000 in 7 years. Kirk currently has $4,481 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for thering?
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