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Suppose you buy a share of stock for $45. After one year, the value of...

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Accounting

Suppose you buy a share of stock for $45. After one year, the value of the stock has risen to $52, and you have received an extra $1.20 in dividends. Find the simple interest rate of growth of this investment. Give your answer as a percentage with one decimal place (you'll need three decimal places when solving for r).

For this problem P = $45 and S = $52 + $1.20 = $53.20.

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