You just paid

$509

for a security that claims it will pay you

$1,299

in 8 years. What is your annual rate of return? SET YOUR CALCULATOR TO 4 DECIMAL PLACES AND ROUND TO 2 DECIMAL PLACES AT THE END. DO NOT ENTER THE % SIGN. IF YOUR ANSWER IS

7.7021%

, FOR EXAMPLE, ENTER 7.70.

You just paid $509 for a security that claims it will pay you $1,299 in 8 years. What is your annual rate of return? SET YOUR CALCULATOR TO 4 DECIMAL PLACES AND ROUND TO 2 DECIMAL PLACES AT THE END. DO NOT ENTER THE \% SIGN. IF YOUR ANSWER IS 7.7021%, FOR EXAMPLE, ENTER 7.70