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Steven purchased 1000 shares of a certain stock for $27,100 (including commissions). He sold the...

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Accounting

Steven purchased 1000 shares of a certain stock for $27,100 (including commissions). He sold the shares 3 years later and received $34,700 after deducting commissions. Find the effective annual rate of return on his investment over the 3-year period. (Round your answer to two decimal places.)

%/year

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