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Mike Smith deposited $20,750 in the bank on January 1, 2007. On January 2, 2017, this deposit has accumulated to $58,918. Interest is compounded annually

Mike Smith deposited $20,750 in the bank on January 1, 2007. On January 2, 2017, this deposit has accumulated to $58,918. Interest is compounded annually on the account. What rate of interest did Mike earn on the deposit? Round to the nearest whole percent.

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