Julio purchased 400 shares of a certain stock for $24,750 (including commissions). He sold the shares 6 year(s) later and received $32,800 after deducting commissions. Find the effective annual rate of return on his investment over the 6-year period. Round your answer to the nearest hundredth.

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Question

Julio purchased 400 shares of a certain stock for $24,750 (including commissions). He sold the shares 6 year(s) later and received $32,800 after deducting commissions. Find the effective annual rate of return on his investment over the 6-year period. Round your answer to the nearest hundredth.
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__________%

Quizplus · Accepted Answer

The Answer of Julio purchased 400 shares of a certain stock for $24,750 (including commissions). He sold the shares 6 year(s) later and received $32,800 after deducting commissions. Find the effective annual rate of return on his investment over the 6-year period. Round your answer to the nearest hundredth.
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__________%

Julio Purchased 400 Shares of a Certain Stock for $24,750