International Financial Management
14th Edition
ISBN: 9780357130698
Author: Madura
Publisher: Cengage
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Transcribed Image Text:An A&E firm planning for a future expansion deposited $44,000 each year for 5 years into a sinking (investment) fund that was
to pay an unknown rate of return. If the account had a total of $457,000 immediately after the fifth deposit, what rate of return
did the company make on these deposits?
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