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March 25, 2017

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Your friend claims that he invested $5,000 seven years ago and that this investment is worth $38,700 today. For this to be true, what annual rate of return did he have to earn? Assume the interest compounds annually.

  • Finance - ,

    5000 * (1+x)^7 = 38700

    Solve for x

  • Finance - ,

    x = 33.96

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