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a . If the interest rate is 5 . 0 % per year, approximately how long will it take for your money to quadruple in

a. If the interest rate is 5.0% per year, approximately how long will it take for your money to quadruple in value?
Note: Use the Rule of 72. Round your answer to 2 decimal places.
Number of years
b. If the inflation rate is 3.5% per year, what will be the change in the purchasing power of your money over this period? Note: Use the Rule of 72 to compute the number of years. Do not round intermediate calculations. Enter your ans percent rounded to 2 decimal places.
Purchasing power by
%
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