Julio Purchased 700 Shares of a Certain Stock for $22,750

question 61

Multiple Choice

Julio purchased 700 shares of a certain stock for $22,750 (including commissions) . He sold the shares 5 year(s) later and received $32,100 after deducting commissions. Find the effective annual rate of return on his investment over the 5-year period. Round your answer to two decimal places. ​

• A) 7.13%
• B) 6.91%
• C) 6.95%
• D) 7.01%

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