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When your father was born 48 years ago, his grandparents deposited $500 in an account for him. Today, that account is worth $28,000. What was

When your father was born 48 years ago, his grandparents deposited $500 in an account for him. Today, that account is worth $28,000. What was the annual rate of return on this account?

Multiple Choice

8.75 percent
6.53 percent
9.62 percent
8.40 percent
8.16 percent

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