Jonathan invested $240,000 to purchase a home. After 14 years, he sold the home for $320,000. Calculate the effective interest rate earned on this investment. 0.23 % (x) Round to two decimal places

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.49TI: Nathaly deposited $12,500 in her bank account where it will earn 4% simple interest. How much...
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Jonathan invested $240,000 to purchase a home. After 14 years, he sold the home for
$320,000. Calculate the effective interest rate earned on this investment.
0.23 %
Round to two decimal places
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Transcribed Image Text:Jonathan invested $240,000 to purchase a home. After 14 years, he sold the home for $320,000. Calculate the effective interest rate earned on this investment. 0.23 % Round to two decimal places t SAVE PROGRESS O hp f8 * 8 2 fg I◄◄ 9 * M f10 ▶11 O 1/4 (12 1/2 +
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