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3.1 You deposit $5,000 in a savings account that earns 8% simple interest per year. What is the minimum number of years you must wait

3.1 You deposit $5,000 in a savings account that earns 8% simple interest per year.

What is the minimum number of years you must wait to double your balance?

Suppose instead that you deposit the $5,000 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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