Question: An investor opened a saving account with $K earning simple interest rate at a rate of 2.5% annually. Four years later, the investor closed the

An investor opened a saving account with $K earning simple interest rate at a rate of 2.5% annually. Four years later, the investor closed the account and invested the accumulated amount in a saving account earning 5% compound interest. Determine the number of years necessary for the balance to reach $3K.

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