Suppose that I place 1000 today in a savings account that pays 3% interest once per year
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Suppose that I place £1000 today in a savings account that pays 3% interest once per year and I make no additions to the account.
(a) How many years would it take for me to double my money?
(b) If instead I switch to a better account that pays 5% per year, how many years would it take?
(c) If I want to triple the money with a 5% interest rate, how long would it take?
(d) If the 5% was paid continuously, how many years would it take to double the money?
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