What interest rate compounded annually

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Microsoft's stock price peaked at 6118% of its IPO price more than 13 years after the IPO.† Suppose that $40,000 invested in Microsoft at its IPO price had been worth $2,400,000 (6000% of the IPO price) after exactly 13 years. What interest rate, compounded annually, does this represent?

Reference no: EM13267002

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