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Investment to accumulate enough money to pay for the ring

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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 $12000 in seven years. Kirk currently has $4510 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring?

Reference no: EM132544302

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