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Mike purchased some land in New Mexico exactly forty years ago today for $100,000. Now the land is worth $500,000. Considering that the annual property

Mike purchased some land in New Mexico exactly forty years ago today for $100,000. Now the land is worth $500,000. Considering that the annual property taxes and other carrying costs on the land were initially $6,000 initially a year, but grew at an annual rate of 4%, what was the annual rate of return on Mike

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