Answered: An investment will pay you $4,611.9 in…

An investment will pay you $4,611.9 in 3 years if you pay $1,376.68 today. What is the implied rate of return? (Convert to a percent. Round to 2 decimal places.)

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter1: Understanding Personal Finance

Section: Chapter Questions

Problem 9DTM

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Insurance is a contract wherein an individual or entity gets financial protection from the insurance company for any damages or losses incurred. The individual or entity is called the insured, whereas the insurance company is called the insurer. The insured and the insurer enter a legal contract for a fixed term called the insurance term, and the contract is called an insurance policy.

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An investment will pay you $4,611.9 in 3 years if you pay $1,376.68 today. What is the implied rate of return? (Convert to a percent. Round to 2 decimal
places.)

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