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What annual interest rate must earn over last eight year

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Problem 1: You have just deposited $6,500 into an account that promises to pay you an annual interest rate of 5.6 percent each year for the next 7 years. You will leave the money invested in the account and 15 years from today, you need to have $16,730 in the account. What annual interest rate must you earn over the last 8 years to accomplish this goal?

Reference no: EM132721945

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