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Time ValuePersonal Finance ProblemMisty needs to have $13,000 in 7 years to fulfill her goal of purchasing a small sailboat. She is willing to invest
Time ValuePersonal Finance ProblemMisty needs to have $13,000 in 7 years to fulfill her goal of purchasing a small sailboat. She is willing to invest a lump sum today and leave the money untouched for 7 years until it grows to $13,000 but she wonders what sort of investment return she will need to earn to reach her goal. Use your calculator or spreadsheet to figure out the approximate annually compounded rate of return needed if she can invest $8,800 today.
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