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Your friend claims that he invested $6,000 nine years ago and that this investment is worth $42,000 today. For this to be true, what annual
Your friend claims that he invested $6,000 nine years ago and that this investment is worth $42,000 today. For this to be true, what annual rate of return did he have to earn? Assume the interest compounds annually.
A. | 18.25 percent |
B. | 21.50 percent |
C. | 23.56 percent |
D. | 24.14 percent |
E. | 35.10 percent |
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