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In​ 1972, Bob purchased a new Datsun 240Z for ​$2,800. Datsun later changed its name to​...

In​ 1972, Bob purchased a new Datsun 240Z for ​$2,800. Datsun later changed its name to​ Nissan, and the 1972 Datsun 240Z became a classic. Bob kept his car in excellent condition and in 2002 could sell the car for seven times what he originally paid. What was​ Bob's annualized rate of return for the 30 years he owned this​ car? If he keeps the car for another thirty years and earns the same​ rate, what could he sell the car for in​ 2032?

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