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What annual interest rate must you earn

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Question - You have just deposited $14,000 into an account that promises to pay you an annual interest rate of 7.1 percent each year for the next 7 years. You will leave the money invested in the account and 15 years from today, you need to have $38,750 in the account. What annual interest rate must you earn over the last 8 years to accomplish this goal?

Reference no: EM133048835

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