When your father was born 48 years ago, his grandparents deposited $500 in an account for him.

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When your father was born 48 years ago, his grandparents deposited $500 in an account for him. Today, that account is worth$28,000. What was the annual rate of return on this account?

Multiple Choice

8.75 percent

6.53 percent

9.62 percent

8.40 percent

8.16 percent

Related Book For answer-question

Intermediate Microeconomics

ISBN: 978-0393123968

9th edition

Authors: Hal R. Varian

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Posted Date: Nov 22, 2022 02:42 PM

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When your father was born 48 years ago, his grandparents deposited $500 in an account for him.

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The calculation for the annual rate of return is ... View the full answer

Intermediate Microeconomics

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