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Determine the effective rate of return used in projection

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Question - With end-of-month contributions of $251.33, a TFSA is expected to pass $100,000 in value after 15 years and 5 months. Determine the effective rate of return used in the projection.

a. 9.38%

b. 9.45%

c. 9.22%

d. 9.17%

e. 9.57%

Reference no: EM133039216

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