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Alex deposits $6642 today and is promised to receive a (one time) fixed payback of...

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Finance

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Alex deposits $6642 today and is promised to receive a (one time) fixed payback of $7525 at the end of the 5th year. What is the implied annual rate of return? The implied annual rate of return is % (Please retain at least 4 decimal places in your calculations and at least 2 decimal places in your final answer.)

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