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(Related to Checkpoint 5.6) (Solving for f) Kirk Van Houten, who has been married for 22 years, would like to buy his wife an expensive
(Related to Checkpoint 5.6) (Solving for f) Kirk Van Houten, who has been married for 22 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $11,500 in 8 years. Kirk currently has $4,422 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring? The annual rate of return Kirk must earn on his investment to accumulate enough money to pay for the ring is (Round to two decimal places.) (Related to Checkpoint 5.6) (Solving for financial calculator needed) In September 1963, the first issue of the comic book X-MEN was issued. The original price for the issue was $0.13. By September 2011, 48 years later, given the condition it's in, the value of this comic book had risen to $14,300. What annual rate of interest would you have earned if you had bought the comic in 1963 and sold it in 2011? The annual rate of interest you would have earned if you had bought the comic book in 1963 and sold it in 2011 is %. (Round to two decimal places.)
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