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You need $30,000 in year 10. Ten years ago, you saved $4,000 for twelve years in the Eastern bank that pays 6% compounded annually. Starting
You need $30,000 in year 10. Ten years ago, you saved $4,000 for twelve years in the Eastern bank that pays 6% compounded annually. Starting from year 2, the interest rate you must earn is closest to:
a. 14.4%
b. 12%
c. 18%
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