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Expected Rate of Return Washington-Pacific (W-P) invests $2 million to buy a tract of...

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Accounting

Expected Rate of Return
Washington-Pacific (W-P) invests $2 million to buy a tract of land and plant some young pine trees. The trees can be harvested in 15 years, at
which time W-P plans to sell the forest at an expected price of $4 million. What is W-P's expected rate of return? Do not round intermediate
calculations. Round your answer to two decimal places.
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