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3. You have just purchased 1000 shares of stock at $70 per share. Your analysis indicates that the stock price will increase 10% per

 

3. You have just purchased 1000 shares of stock at $70 per share. Your analysis indicates that the stock price will increase 10% per year. How much will your investment be worth in 5 years? When will the market price have doubled? Assume no dividend payments for this calculation.

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