The annual rate of return on an initial investment of P doll…
The annual rate of return on an initial investment of P dollars is given by r = 1/t – 1where A is the current value and t is the number of years since the money was invested. Find the annual rate of return on a $22,000 investment that grew to $32,000 after 10 years. Round to the nearest hundredth of a percent.
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