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Quita wants to invest $700 at the end of every month in a mutual fund. She will be receiving $40,000 at the end of 4

Quita wants to invest $700 at the end of every month in a mutual fund. She will be receiving $40,000 at the end of 4 years. If the interest is compounded monthly, what is the annual rate of return earned on the investment?

0.72%

9.00%

1.00%

8.68%

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