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Problem 7-12 You are 25 years old and inherit $60,000 from your grandmother. If you wish to purchase a $107,450 boat to celebrate your 35th

Problem 7-12

You are 25 years old and inherit $60,000 from your grandmother. If you wish to purchase a $107,450 boat to celebrate your 35th birthday, what compound annual rate of return must you earn? Use Appendix A to answer the question. Round your answer to the nearest whole number.

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