Solved: Rate of return on money multiplier certificates, Finance Basics

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Rate of return on money multiplier certificates

Problem:

A leading broker has advertised money multiplier certificates that will triple your money in nine years; that is, if you buy one for $333.33 today, it will pay you $1,000 at the end of nine years.

What rate of return will you earn on these money multiplier certificates?

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Finance Basics: Rate of return on money multiplier certificates

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Finance Basics: Rate of return on money multiplier certificates

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