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Jack needs $4700 in 6 years from today to buy a holiday. He invests $2500...

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Finance

Jack needs $4700 in 6 years from today to buy a holiday. He invests $2500 today. Find the effective annual rate of interest that Jack needs to earn on this amount (as a %, 2 decimal places) in order to reach his goal. (Solve using excel =RATE function; Answer in percentage to two decimals without the % sign e.g. 1.888 is 1.89)

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