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Steve purchased a bond for $975.00. Ninety days later he received interest income of $40.00, and then immediately sold the bond for $990.00. What is

Steve purchased a bond for $975.00. Ninety days later he received interest income of $40.00, and then immediately sold the bond for $990.00. What is the annualized rate of return Steve earned on this investment? a. 10.1% b. 5.6% c. 22.6% d. 12.3% e. 16.4%

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