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What is the annualized rate of return steve earned

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Question 1: Steve purchased a bond for $975.00. Ninety days later he received interest income of $40.00, and then immediately sold the bond for $990.00. What is the annualized rate of return Steve earned on this investment?

Option a) 5.6%

Option b) 22.6%

Option c) 16.4%

Option d) 10.1%

Option e) 12.3%

Reference no: EM132488577

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