What was the average annual compound rate of interest

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Question: Bobby borrowed $7,000 from his father to purchase a high-end bike. Bobby paid back $9,000 to his father at the end of 4 years. What was the average annual compound rate of interest on Bobby's loan from his father? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM131947230

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