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Scarlett has $22,500 available today to invest for 20 years. Scarlett desires an investment fund balance of $100,000 at that time. What interest rate (compounded

Scarlett has $22,500 available today to invest for 20 years. Scarlett desires an investment fund balance of $100,000 at that time.

What interest rate (compounded annually) must Scarlett earn to reach the desired balance in 20 years?

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