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Over nine years Craig earned interest of $29,700 on an investment of $16,000. What effective rate of return did he earn? A. 7.11% B. 9.44%

Over nine years Craig earned interest of $29,700 on an investment of $16,000. What effective rate of return did he earn?

A. 7.11%

B. 9.44%

C. 10.92%

D. 12.37%

E. 13.56%

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