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Su Mel deposits $24931 today and is promised to be paid back $25931 in 7 years. What is the implied effective annual rate of return?

Su Mel deposits $24931 today and is promised to be paid back $25931 in 7 years. What is the implied effective annual rate of return? (Note: please retain at least 4 decimal places in your calculations and at least 2 decimal places in the final answer.) The implied annual rate of return is %

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