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What is the minimum value of X

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Question - Kunkle Company wishes to earn 11% annually on its investments. If Kunkle makes an investment that equals or exceeds that rate, it considers it a success. Assume that Kunkle invests $3.2 million and gets $400,000 in return at the end of each year for X years. What is the minimum value of X (number of years) for which Kunkle will consider the investment a success? Assume that Kunkle can't invest for fractional parts of a year.

Reference no: EM132946148

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