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What annual rate of return must Kirk earn

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Problem - 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 ?$12,500 in 7 years. Kirk currently has ?$4,455 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the? ring?

Reference no: EM133025044

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