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a) Sophie invested $205,000 to purchase a home. After 9 years, she sold the home for $300,000. Calculate the effective interest rate earned on this
a) Sophie invested $205,000 to purchase a home. After 9 years, she sold the home for $300,000. Calculate the effective interest rate earned on this investment. ______% (Round to two decimal places)
b) Sophie then wondered how long will it take for an investment to at least double its original amount if it is growing at 3.25% compounded semi-annually?
years___months____
Express your answer in years and months, rounded to the next month
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