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Question 8 (10 points) John invested $ 10,400 a year ago with a negotiated quarterly interest rate. He believes that his investment will become $

Question 8 (10 points) John invested $ 10,400 a year ago with a negotiated quarterly interest rate. He believes that his investment will become $ 16,000 five years from now. What effective annual interest rate did John receive on this investment? Leave your answer as a percent with 2 decimal places. Your

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