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You just paid $1,020 for a security that claims it will pay you $2,000 in 8 years. What is your annual rate of return? 8.93%

You just paid $1,020 for a security that claims it will pay you $2,000 in 8 years. What is your annual rate of return?

8.93%

8.98%

9.13%

8.78%

8.68%

please provide explanation

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