What effective annual rate of return-interpolation

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Over a period of two years, you made 24 monthly purchases of a stock. You paid $500 for the first month, and increased by $10 per month thereafter. At the end of the two years, you sold all the stock for a total of $18,000. What effective annual rate of return did you receive on this investment? (Hint: Find the monthly ROR first. Show your detailed steps of trial and error, interpolation.)

Reference no: EM13984202

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