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What interest rate would investment have to yield in order

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Problem 1: Chris Anderson has $3,000 to invest. His brother approached him with an investment opportunity that could double his money in 7 years. What interest rate would the investment have to yield in order for Chris's brother to deliver on his promise? (If you solve this problem with algebra round intermediate calculations to 4 decimal places, in all cases round your final answer to 2 decimal places, e.g. 8.72%.)

Reference no: EM132904231

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