Question: Use the formula for the effective rate (annual effective yield) reff = (A/P)1/t 1 where P is an initial investment in dollars, A is an

Use the formula for the effective rate (annual effective yield) reff = (A/P)1/t 1 where P is an initial investment in dollars, A is an accumulated amount in dollars, and t is time in years, to solve the exercise. Martha invested $50,000 in a boutique 6 years ago. Her investment is worth $80,000 today. What is the effective rate (annual effective yield) of her investment? (Round your answer to two decimal places.)

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