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Permanent mineral rights on a parcel of land are purchased for an initial lump-sum payment of $100,000. Profits from mining activities are $12,000 each year, and these profits are expected to continue

Permanent mineral rights on a parcel of land are purchased for an initial lump-sum payment of $100,000. Profits from mining activities are $12,000 each year, and these profits are expected to continue indefinitely, what approximate interest rate is being earned on the initial investment?

Jul 14 2021 View more View Less

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