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    Exam 9: Compound Interest: Further Topics and Applications
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    Maxine Found an Old Pay Statement from Nine Years Ago
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Maxine Found an Old Pay Statement from Nine Years Ago

Question 73

Question 73

Short Answer

Maxine found an old pay statement from nine years ago. Her hourly wage at the time was $13.50 versus her current wage of $20.80 per hour. At what equivalent (compound) annual rate has her wage grown over the period?

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