Question: a . If the interest rate is 5 . 0 % per year, approximately how long will it take for your money to quadruple in
a If the interest rate is per year, approximately how long will it take for your money to quadruple in value?
Note: Use the Rule of Round your answer to decimal places.
Number of years vdots.....
decimal places required.
b If the inflation rate is per year, what will be the change in the purchasing power of your money over this period?
Note: Use the Rule of to compute the number of years. Do not round intermediate calculations. Enter your answer as a percent rounded to decimal places.
tablePurchasing power,increases,by
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