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Mr. Sa nsome invested $1000 in common stock. At the end of 5 years, he sold the stock and received a check for $1307. Based

Mr. Sansome invested $1000 in common stock. At the end of 5 years, he sold the stock and received

a check for $1307. Based on quarterly compounding, what nominal annual interest rate did Mr. Sansome receive on his investment in stock? What effective annual interest rate did he receive?

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