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You just paid $363 for a security that claims it will pay you $1,261 in...

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Accounting

You just paid $363 for a security that claims it will pay you $1,261 in 14 years. What is your annual rate of return? SET YOUR CALCULATOR TO 4 DECIMAL PLACES AND ROUND TO 2 DECIMAL PLACES AT THE END. DO NOT ENTER THE % SIGN. IF YOUR ANSWER IS 7.7021%, FOR EXAMPLE, ENTER 7.70.

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