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Kirk Van Houten, who has been married for 24 years, would like to buy his...

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Accounting

Kirk Van Houten, who has been married for 24 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $ 13000 in 6years. Kirk currently has $4412 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring?

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