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Question 8 A friend offers you an investment. They ask you to put in $ 1 5 2 2 2 today and promise to pay

Question

8

A friend offers you an investment. They ask you to put in $

15222

today and promise to pay you $

53833

3

years.

What is the annual rate of return your friend is offering on this investment?

Please write answers as a percentage, and include at least one decimal place.

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