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What annual rate of return must Kirk earn on his investment

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Problem - Kirk Van Houten, who has been married for 22 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 $11,500 in 8 years. Kirk currently has $4,484 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring?

Reference no: EM133041045

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