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Problem 4-29 Solving for Rates (LG4-7) What annual rate of return is earned on a $1,000 investment when it grows to $3,400 in seven years?

Problem 4-29 Solving for Rates (LG4-7)\

What annual rate of return is earned on a $1,000 investment when it grows to $3,400 in seven years? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

annual rate of return:

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