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You have just deposited $1000 in an investment that promises to pay you $100 per year for the next 20 years (starting at the end of this year). What is the effective annual interest rate earned for this investment, assuming annual compounding? As always, assume your account balance will be zero at the end of 20 years (i.e., your investment will be fully amortized). Please show all work and all steps.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91340868

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