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What is the interest rate per annum

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Irin hopes to buy a house in 20 years' time and the cost is expected to be $614,925 then. She intends to deposit $15,000 at the end of every year into a local bank. The local bank promises that she will have $614,925 at the end of 20 years. What is the interest rate per annum that the bank is offering to Irin?

Reference no: EM132596328

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