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1.2 Suppose that you deposit your money in a bank that pays interest at a nominal rate of 8.5%. Nominal interest rate is defined as

1.2 Suppose that you deposit your money in a bank that pays interest at a nominal rate of 8.5%. Nominal interest rate is defined as a stated interest rate. This interest rate is the simple interest and does not take into account the com- pounding periods. How long will it take for your money to double if interest compounded continuously

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