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[1] Suppose you deposit $12,000 in a savings account that earns 8% interest compounded yearly. How many years will it take now to double your

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[1] Suppose you deposit $12,000 in a savings account that earns 8% interest compounded yearly. How many years will it take now to double your balance? (20%) [2] Suppose that you invest $1,500 in stock. One year later, your investment becomes to be $2,500. What is the rate of return of your investment? (20%)

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