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A bank account pays 5.5% annual interest, compounded monthly. How long will it take the money to double in this account? If the present value

A bank account pays 5.5% annual interest, compounded monthly. How long will it take the

money to double in this account? If the present value is Rs.1, its future value is Rs.2. The bank is

compounding monthly; thus, the interest rate is 5.5/12 percent per month.

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