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You deposit $10,000 in a savings account that earns 7.5% simple interest per year. What is the minimum number of

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You deposit $10,000 in a savings account that earns 7.5% simple interest per year. What is the minimum number of years you must wait to double your balance? Suppose instead that you deposit the $10,000 in another savings account that earns 7% interest compounded yearly. How many years will it take now to double your balance?

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20 000 10 000 1 0 075N Simpl…View the full answer


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Contemporary Engineering Economics

Contemporary Engineering Economics

ISBN: 978-0136118480

5th edition

Authors: Chan S. Park

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Question Posted: April 21, 2016 06:32:52
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