Two bank accounts are opened at the same time. The first has a principal of $1000 in
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Two bank accounts are opened at the same time. The first has a principal of $1000 in an account earning 5% compounded monthly. The second has a principal of $2000 in an account earning 4% interest compounded annually. Determine the number of years, to the nearest tenth, at which the account balances will be equal.
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