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Compute what annual rate of return must kirk earn

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Problem 1: Kirk Van? Houten, who has been married for 23 ?years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30?-year wedding anniversary. Assume that the cost of the ring will be ?$10,587 in 7 years. Kirk currently has ?$4,500 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the? ring?

Reference no: EM132983727

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