Question: Problem 02.049 - Calculation of unknown interest rate An A&E firm planning for a future expansion deposited $32,000 each year for 5 years into a

Problem 02.049 - Calculation of unknown interest rate An A&E firm

Problem 02.049 - Calculation of unknown interest rate An A&E firm planning for a future expansion deposited $32,000 each year for 5 years into a sinking (investment) fund that was to pay an unknown rate of return. If the account had a total of $452,000 immediately after the fifth deposit, what rate of return did the company make on these deposits? The rate of return that the company made was %

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