Your uncle bob has been following a home-made investment, Business Economics

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Your uncle bob has been following a home-made investment

Your uncle Bob has been following a home-made investment strategy. Over a period of five years, he made ten semiannual purchases of stock for $1,000 each. At the end of the five years, he sold all the stock for a total of $12,000. What effective annual rate of return did he receive on his investment?

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Business Economics: Your uncle bob has been following a home-made investment

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