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Calculate the compound rate of reduction in price

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Reference no: EM132620322

In 2018, the listed price of the house was $8.5 million. In October 2019 the price was reduced to $5.6 million. Calculate the compound rate of this reduction in price. (The rate should be calculated to two decimals. Round the number of years to the whole number). Please explain your answer.

Reference no: EM132620322

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