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What annual interest rate must earn

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Point 1: You have just deposited $9,500 into an account that promises to pay you an annual interest rate of 6.2 percent each year for the next 8 years. You will leave the money invested in the account and 20 years from today, you need to have $27, 940 in the account.

Problem 1: What annual interest rate must you earn over the last 12 years to accomplish this goal?

Reference no: EM132478443

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