What annual rate of return is earned on a $2,900 investment when it grows to $6,300 in twelve years?
PV = −2,900, N = 12, PMT = 0, FV = 6,300,
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FV = $6,300
PV = $2,900
6300 = 2900(1+r)^12
rate of return,r = 6.67%