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Matt needs to save $43 million to buy a mansion. He will make monthly starting with $1.5 million at the end of the first month,
Matt needs to save $43 million to buy a mansion. He will make monthly starting with $1.5 million at the end of the first month, in his hedge fund which has an effective annual rate of 10%. Each month his deposits will grow by r%. Find r so that he will meet his target at the end of 2 years.
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